According to experts, UK could get much-needed boost with new crypto law proposals
Even though the UK government wants to make the country a global player in the crypto sector, progress on regulations has been unexpectedly slow. The Law Commission has stated that Britain must create new laws for digital assets being used for payment. A new and separate category for crypto would be a step in the right direction
Many countries across the globe are working to regulate the crypto sector which has grown very fast. According to lawmakers in the EU, the crypto sector is like the Wild West and results are unpredictable. For instance, BTC prices surged to highs in the last couple of years but declined steeply in 2022. Many companies are also offering NFTs for every imaginable item.
UK’s finance minister Rishi Sunak said that his goal was to make the country a world hub for crypto-related technology. He urged the Law Commission to investigate this matter and if new laws have to be created. According to a Commission spokesman, many of the digital assets don’t fit into any category under present laws.
The Commission said that they are creating proposals for new laws so that users are protected. The idea is to have an environment which promotes innovation in technology. The Commission’s proposal to add a third category for data objects will be included under tangible assets like stocks in companies. A spokesman from a well-known commercial law firm said that property rights are important and should be assertable by every individual.
Britain has issued a draft of law which gives regulators power to regulate the use of crypto like stablecoins to make payments. Regulators would also consult on how other crypto can be further regulated later in the year.
