The Legal Director of a UK law firm Porter Chamberlain (RPC), Jeff Kaufmann stated that it could take two years to introduce cryptocurrency market regulations in the United Kingdom. The statement was released in the press release of RPC published on October 11.
The legal shark, Kaufmann stated that the adoption of the new regulations in the U.K could easily take around two years, referring to the recent report of the House of Common Treasury Committee (HM Treasury) moving forward with the industry. Kauffmann added, that a clinch from the past shows that even the slightest change among the existing regulations can take a while, even years.
As Kaufmann mentioned, the implementation of the crypto regulations would attract the U.K’s financial watchdogs involvement, which in this case is the Financial Conduct Authority (FCA). That leads to the question whether the FCA is able to be involved in the cryptocurrency industry with its current resources of expertise and funds.
Kaufmann stated, that the adoption of the new regulations is “going to be a difficult and lengthy process,” referring to the need of find the right balance “between protecting retail participants and allowing the U.K.’s cryptocurrency market to thrive.” He then added:
“The race to establish a workable and regulated regime for cryptocurrencies is surely worth winning as their usage becomes more widespread across Europe and globally. The creation of a cryptocurrency trading hub may also have positive knock-on effects for businesses serving these markets, such as brokers, investment banks, and custodians as well as a potential increase in tax revenues for authorities.”
London-based corporate and insurance law firm RPC is a well known globally operating company with an award winning background – It has been selected as the Law Firm of the Year three times since 2014. RPC has offices located in London, Bristol, Singapore and Hong Kong – employing around 720 people including 330 lawyers and 80 partners.
Author: Sarah Tuuli