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UK Soon to Implement Crypto Regulation Says City Minister

  • The UK would introduce crypto regulation within 12 months.
  • The UK will regulate cryptocurrencies in a pragmatic and proportionate way.

According to a British lawmaker, the UK could implement regulations governing digital assets within the next 12 months. The economic secretary to the U.K. Treasury, Andrew Griffith, stated in an interview with CNBC on April 17 that the long-term goal is to “let firms make the most of the opportunities from crypto assets” through effective regulation.

In the overall 3-minute video, he shared various ideas to regulate cryptocurrencies in the country and offered thoughts about the country’s digital currency, CBDC. Also, Griffith claimed that the U.K. government is now in a position to regulate cryptocurrencies in a “pragmatic” and “proportionate” way, which seemed to refer to the U.K.’s exit from the European Union. 

U.S Vs Crypto Assets

On the other side, the U.S. Securities and Exchange Commission (SEC) appears stubborn. That makes it more challenging for cryptocurrency firms to operate both within and outside of the United States. 

Yes, it is well known that Gary Gensler, chairman of the SEC, is not a fan of the cryptocurrency market.  Under his leadership, the organization has taken a lot of severe enforcement actions against U.S.-based cryptocurrency companies.

Additionally, Gensler recently gained attention for saying that, except for Bitcoin, all cryptocurrencies are securities. And he called Algorand (ALGO) security, which led him to struggle.  

However, the crypto adoption and its attraction towards enthusiasts are never-ending. Further, the global cryptocurrency market is recovering from last year’s cracks and holds a market cap of $1.27 trillion. 

At the time of writing, the king of cryptocurrencies, Bitcoin (BTC), traded at $30,232, up by over 2.5% in a day. And the second-largest crypto, Ethereum (ETH), traded at $2,087 with a 24-hour trading volume of $8.8 billion.

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