Britain can “without a doubt” compete with the United States to become a global hub for cryptoassets, the City minister has said, as the government sets out long-awaited legislation to regulate the fast-growing digital assets market.
Lucy Rigby said the proposed framework showed the UK’s intention to “lead the world in digital assets adoption”, amid mounting concern from the crypto industry that Britain has been moving too slowly while rival jurisdictions press ahead.
“This is about recognising that cryptoassets are here to stay, and so we need to modernise regulation to ensure it’s fit for the digital age,” Rigby said. “Firms have been very clear with us that they want regulatory clarity because it will allow them to invest here.”
The legislation, unveiled on Monday, paves the way for a comprehensive UK regulatory regime for cryptoassets such as bitcoin, with rules expected to be in force by 2027. The Financial Conduct Authority will now be responsible for designing the detailed framework.
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