UK has plan to become global hub for cryptocurrency and technology that underlies it
be implemented within the coming 12 months. That information came from the economic secretary of the U.K. Treasury, Andrew Griffith, on Monday.The country wants to gain the status of the world's crypto asset hub, therefore, plans were introduced in February regarding how to put cryptocurrencies under regulation. The period for government consultation will continue until the end of April.
Unlike the recent actions of U.S. regulators, the U.K. wants to attract companies running businesses in the cryptocurrency sphere and get them to come over and settle on the other side of the pond. The U.S. SEC and CFTC have been pressing chargesand crypto exchanges – Binance and Bittrex are the most recent examples. Besides, the case of the SEC against Ripple Labs has been going on since December 2020.
According to Griffith, the U.K. intends to take a different approach to crypto regulation, which would consist of laws that exist now with the addition of some new ones.
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