According to Andrew Griffith, the economic secretary to the U.K. Treasury, the United Kingdom is planning to introduce digital asset regulation within the next year. In an interview with CNBC, he stated that the country wants to take advantage of the benefits that blockchain technology can bring to the economy and private sector. Griffith noted that the U.K. government is now in a position to regulate crypto in a pragmatic and proportionate manner, having control back of a rulebook for the first time in decades. He explained that the regulatory framework for crypto assets would mix existing financial asset laws with new crypto-specific rules. The framework would allow the U.K. to make the most of opportunities from crypto assets while ensuring sound crypto regulation.
Griffith also expressed his desire to see a policy debate regarding privacy and the technology of the digital pound “thrashed out” to ensure that all concerns are addressed. The U.K. hopes to become an innovation hub for the Web3 economy, and Griffith’s comments suggest that sensible crypto regulation is essential for driving economic growth while ensuring consumer protection.
