The Director of a large law firm Reynolds Porter Chamberlain Jeff Kaufmann believes that the introduction of the new regulations is complex and lengthy process, but financial regulators do not yet have the necessary experience
The introduction of government control in the UK, it may take two years, says the Director of a large law firm Reynolds Porter Chamberlain (RPC), Jeff Kaufmann, says Cointelegraph. The expert noted that this is a complicated process that requires certain knowledge and experience.
According to Kaufmann, even small changes in legislation can take years. The new rules will require local financial regulator, the office of financial regulation and supervision (FSA), more active participation, but not for the fact that the Agency has the necessary experience for this.
The Director of the RPC said that the most important thing in regulating the cryptocurrency market, the balance between protection of users and freedom for the development of the blockchain industry. According to the expert, workable legislation in this area could have a positive impact on the economy.
Reynolds Porter Chamberlain law firm from the UK, with offices in Bristol, Singapore and Hong Kong. Its staff comprises more than 720 people. With 2014, the firm was three times recognized as best legal company of the year.
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