Legal Director at British law firm RPC, aforesaid that the introduction of crypto market ruling within the U.K. may take additional two years.
In line with a recent official press release by RPC which is a London-based company and insurance firm with offices in Hong Kong, Singapore, and Bristol and employees amounting to 720 individuals, together with over eighty partners and 330 lawyers. Since 2014 the firm has been framed with the award of ‘Law firm of the Year’ 3 times.
Kaufmann aforesaid that the implementation of crypto market rulings within the U.K. would take additional 2 years, presenting the proposals in a very recent House of Commons Treasury Committee [HM Treasury] report begin to maneuver forward. Kaufmann added that past precedents show that even minor changes to the present restrictive regime would take years.
According to Kaufmann, the introduction of new rulings would cause enlarged involvement of the country’s financial watchdog, the Financial Conduct Authority [FCA], raising issues on whether or not the FCA has the required experience and funding to control the crypto businesses.
The regulation of digital currencies is going to be a troublesome and prolonged method, in line with Kaufmann, who further added that the requirement to strike a balance “between protective retail participants and permitting the U.K.’s cryptocurrency market to thrive.”
Adding further he said:
“The race to ascertain a practicable and controlled regime for cryptocurrencies is unquestionably worth winning as their usage becomes additional widespread across Europe and globally. The creation of a cryptocurrency commercialism hub may additionally have positive knock-on effects for businesses serving these markets, like brokers, investment banks, and custodians along with a possible increase in tax revenues for authorities.”
Earlier in Sep., the Treasury Committee of the House of Commons necessitated a resolution to bound problems enclosing digital currency like listing price volatility, poor client protection, the chance of hacker attacks, and concealing. The Committee conjointly urged the FCA to supervise digital currencies, but currently FCA isn’t legally permitted to control either issuers of digital assets or the crypto exchanges.