The wheels of government run slowly in the United Kingdom, especially when it comes to regulating the fast-paced world of cryptocurrency.
James Kaufmann, of the law firm Reynolds Porter Chamberlain (RPC) UK, told The Block that under the “best case” scenario, regulation will be in place in two years. But that’s only if the House of Commons Treasury Committee gives an immediate green light to proposals.
Even then, “it could still take years for regulations to cover the U.K. cryptocurrency market that treads the middle ground between protecting retail participants and allowing the U.K.’s cryptocurrency market to thrive,” said Kaufmann.
“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.” Read more here.