UK to Pass Law on Crypto Market Before End of Year
The UK Treasury is aiming to have the law on the regulation of cryptocurrencies passed by the end of 2023.
Andrew Griffith, Secretary of the Treasury of the United Kingdom, has told CNBC in an interview that the process of approving the final version of the bill should be completed by April.
If the procedures are completed within the timeline approved by the government and parliament, then transactions with digital currencies could be legally recognized as early as 2024.
Griffith has expressed his enthusiasm for making the most of the opportunity and emphasized that London wishes to become a hub for the development of the blockchain industry, which makes the approval of the bill on crypto regulation all the more important.
This is in line with Prime Minister Rishi Sunak’s previous views on the formation of a crypto hub in the UK, when he was the Minister of Finance, and his call for the formation of a regulatory framework for transactions with cryptocurrencies.
