Britain may introduce regulations for the crypto industry within a year

British Under Secretary for Economic Affairs Andrew Griffith said in an interview with the TV channel CNBC, that in the next 12 months, Britain may enact special legislation regarding the crypto industry. On the plan for the development of such legislation, the British government reported in February after the bankruptcy of the major crypto platform FTX. This legislation is currently undergoing a public comment and consultation period, which is due to end on 30 April.

Mr. Griffith made it clear that Britain could introduce its own legislation regarding the crypto industry thanks to its exit from the EU. “We have regained control of regulation. The United Kingdom has not had this control for the past few decades,” the Deputy Minister of Finance emphasized. “Now we have the opportunity for more maneuverable and progressive movements. And I’m sure we’ll take advantage of this opportunity.”

Britain has long shown interest in the work of the crypto industry and one of the first in the world developed taxation rules for transactions with crypto assets – when many other countries either tried not to notice the growing crypto market at all, or simply prohibited its operation on their territory. As early as last year, Rishi Sunak, then Chancellor of the Exchequer and now British Prime Minister, declaredthat wants to make Britain “the world’s hub for technology to work with crypto assets.”

Evgeniy Khvostik