Director of legal Affairs of the British law firm Reynolds Porter Chamberlain (RPC), Jeff Kaufman (Jeff Kaufmann) believes that if the proposals outlined in the latest report of the Treasury Committee of the house of Commons will be taken on the introduction of measures to regulate the cryptocurrency market in the United Kingdom may take two years.
Kauffman believes that the adoption of the new regulation will trigger increased attention from the office of financial regulation and supervision (FCA), which in turn will raise the question of whether the FCA sufficient knowledge and funding to regulate the cryptocurrency industry.
According to Kaufmann, the regulation of cryptocurrencies is a “complex and lengthy process”. He also noted the need to find a middle ground “between protecting retail participants and development of the British cryptocurrency market”.
“The race in creating a working regulatory regime are definitely worth it, to win it, as the cryptocurrency is becoming more common in Europe and around the world. Create cryptocurrency haven can have a positive impact on serving the market of companies such as brokers, investment banks and Depository organizations, as well as increase tax revenues to the budget.”
Recall that in September, the Treasury Committee of the house of Commons called for a solution to certain problems, associated with digital currencies, such as the poor protection of consumers, the risk of hacker attacks and money laundering. The Commission also recommended the FCA to control cryptocurrencies, although currently the organization has no legal authority to regulate issuers of digital assets, or cryptocurrency exchanges.