• UK Financial Services Minister Andrew Griffith has committed to engaging with the crypto industry to develop new post-Brexit laws.
• He plans to hold six roundtable talks with the sector in 2023 to ensure timely, sensible, and balanced regulation of the technology.
• Griffith believes this will ensure regulatory clarity and facilitate investments in financial technology.
UK Financial Services Minister Andrew Griffith has recently outlined his plans to engage with the crypto industry to develop new post-Brexit laws. This commitment comes after Prime Minister Rishi Sunak declared his hopes to make the UK a crypto hub.
During a parliamentary debate on Wednesday, Griffith said he plans to hold six roundtable talks with the sector in 2023. He believes this is the best way to ensure timely, sensible, and balanced regulation of the technology. This will also ensure regulatory clarity and facilitate investments in financial technology.
Griffith went on to criticize regulators for being too slow in the past in responding to developments in the crypto industry. He was also keen to express his confidence in the sector, particularly in terms of its potential for innovation. He believes that the UK should be at the forefront of this innovation, and that the government should take a balanced approach to regulation.
Griffith’s commitment to engaging with the crypto industry has been welcomed by many, who are hopeful that this will lead to a better understanding of the sector and more openness to innovation. The UK has already established itself as a leader in the crypto sector, and this move is likely to help maintain its position.
The six roundtable talks that Griffith has proposed will be an important step in understanding the sector and establishing how it should be regulated. It is expected that these talks will take place throughout 2023, following which, the UK government will then be able to establish legislation that will ensure regulation is balanced and supportive of innovation.
Although the consultation on how to govern the financial technology is overdue, Andrew Griffith’s commitment to engaging with the crypto industry is a positive step towards establishing new post-Brexit laws. The six roundtable talks will help to ensure regulatory clarity and facilitate investments in financial technology, and the UK may be able to maintain its position as a leader in the sector.