The UK will use the Brexit opportunity to make a different crypto regulation from the European Union.
British Treasury Secretary Andrew Griffith made some statements in an interview with CNBC, referring to the UK’s departure from the European Union. Griffith said in a statement: “We have taken control of our rulebook, something the UK has not had for many years. Therefore, we have the ability to act agile and proportionally. I definitely want to make the most of this opportunity.”
UK and EU Will Follow Different Paths
The consultation period for the UK’s proposed crypto regulation will expire on April 30 this year. With this regulation, the UK aims to create a safe jurisdiction for crypto-asset activities to take place, encourage innovation and provide clarity to firms on the planned regulatory framework.
In the European Union, the situation is somewhat different. The European Union’s new regulatory proposals for crypto-asset markets are more detailed than the UK’s. The EU’s regulatory proposal focuses on stablecoins, central bank digital currencies (CBDC) and threats to financial stability and consumer protection.
Griffith further told CNBC that the UK’s new crypto laws will go hand in hand with traditional finance regulations. Griffith: “We want to see the same entity, the same transaction, arranged in the same way wherever possible. But there are some additional opportunities in the crypto-asset or distributed ledger space and we want to take advantage of it.”
British Prime Minister Rishi Sunak said last year that he wanted to make the UK a global hub for crypto-asset technology.
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