Cryptocurrency regulations in the UK

5 Months ago / News / Law and Legislation

As published by ccn.com, the law director of the large British law firm Reynolds Porter Chamberlain (RPC) James Kaufmann argues that even a two-year period to create a full-fledged regulatory framework in the field of cryptocurrency and their application can be considered quite ambitious. In fact, the introduction of cryptographic terminology into the document flow of the entire legal complex of the state will require several years of continuous work.

The Treasury Committee has already sent a series of proposals to the House of Commons aimed at creating a preliminary regulatory framework for the blockchain and the ICO market, but these proposals have only begun to move forward. In addition, if we talk about the regional policy of the ICO market, we should not forget about such a serious problem as Brexit, which requires separate temporary efforts to create a separate extensive regulatory framework.

Mr. Kaufman also recalls the addition to the legal base of other regulatory incidents of significantly smaller volume, which required an enormous amount of time in codification. Here we are talking about the 2006 home reversion plans, which required two and a half years from the first initiative to full implementation in the legal mechanism.

In order to regulate the process of introducing cryptographic terminology into the legal framework, it will take time to study all industries, activities and areas of application of these terms, which will require monitoring, consultation periods with experts, publication of changes and agreement on the date of the bill.