Regulation of cryptocurrency in the UK can take up to 2 years

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Bitria “news” Regulating cryptocurrencies in the UK can take up to 2 years

Regulation of the cryptocurrency sector in England can take up to 2 years, according to Director of law firm Reynolds Porter Chamberlain (RPC) UK James Kaufmann, reported CCN.

Kaufman believes that such a period is given due to the fact that the processes required to move these bills forward, often “long”, given the fact that proposals to the Treasury Committee, only began to move forward.

To resolve cryptosphere the Committee needed a lot of time to explore new industries to find out which areas are associated with cryptocurrency in need of monitoring, rule creation and publication of the change by setting concrete dates of implementation of the rules.

The implementation of the new regulations may lead to greater role on financial regulation and supervision (FCA), and this poses questions whether the FCA has the necessary tools to control cryptosphere. For the next month before the FCA will be challenged to explain the availability of funding and the ability to conduct examinations and to be prepared to mitigate the reaction of the cryptocurrency markets on the rules when they are launched.

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