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 aLondon-basedcompanyand insurancefirmwith offices inHong Kong, Singapore, andBristol andemployeesamounting to 720individuals,together withovereightypartners and 330 lawyers. Since 2014 the firm has been framed with the awardof ‘Law firmof the Year’3 times.
Kaufmannaforesaidthat the implementation of crypto marketrulingswithin theU.K. would takeadditional2 years,presenting theproposalsin a veryrecent House of Commons Treasury Committee [HM Treasury] report beginto maneuverforward. Kaufmann added that past precedents show that even minor changes tothe presentrestrictiveregimewouldtake years.
According to Kaufmann, the introductionof newrulingswouldcauseenlargedinvolvement of the country’sfinancial watchdog, theFinancialConduct Authority [FCA], raisingissuesonwhether or notthe FCA hasthe required experienceand fundingto controlthe cryptobusinesses.
The regulation of digital currencies is going to be atroublesomeandprolongedmethod, in line with Kaufmann,who further added thatthe requirementto strike a balance “betweenprotectiveretail participants andpermittingthe U.K.’s cryptocurrency market to thrive.”
Adding further he said:
“The raceto ascertainapracticableand controlledregime for cryptocurrenciesis unquestionablyworth winning as their usage becomesadditionalwidespread across Europe and globally. The creation of a cryptocurrencycommercialismhubmay additionallyhave positive knock-on effects for businesses serving these markets,likebrokers, investment banks, and custodiansalong witha possibleincrease in tax revenues for authorities.”
Earlier inSep., the Treasury Committee of the House of Commonsnecessitateda resolution toboundproblemsenclosing digital currencylikelistingprice volatility, poorclientprotection,the chanceof hacker attacks, andconcealing. The Committeeconjointlyurged the FCA to supervise digital currencies,butcurrently FCAisn’t legally permittedto controleither issuers of digital assets or the crypto exchanges.