Crypto Regulation In UK May Take Up To 2 Years To Be Drafted

A new legal report is in the news on our DC Forecasts crypto news site today – centered around the market in the United Kingdom and the potential regulation of cryptocurrencies. Issued by a UK-based law firm, the report shows that it may take up to two years for such regulations to be introduced.

According to James Kaufmann who is the Legal Director at Reynolds Porter Chamberlain UK (RPC) commented on the subject in a statement published by his company, saying that the main reason for such delay is the approval that needs to be given from several legal bodies within the country.

Meanwhile, RPC is active in UK and Asia, as a firm which has over 80 partners and has been named ‘Law Firm Of The Year’ three times in a row since 2014. According to Kaufmann, the process of regulation needs to move bills that are “lengthy” given that the recent proposals sent to the House of Commons Treasury Committee (HM Treasury) have just begun moving forward.

As Kaufmann said:

“Bringing a complex and fast-evolving area like cryptocurrencies into a regulatory framework is going to be a difficult and lengthy process. Added to this, big issues like Brexit are already occupying a lot of regulator’s time,”

He also pointed out to the past precedents in the release, stating:

“Past precedents show it can take years to make relatively minor regulatory changes to the financial regulatory regime. For example, it took two and a half years from the Treasury’s original announcement (10 May 2004) for the regulation of home reversion plans to come in force (6 November 2006).”

In order to regulate cryptocurrencies, the Treasury Committee will need time to study the industry and know which “specific activities related to cryptocurrencies” would require monitoring, certain proposed regulations, consultation periods and changes.