Author: Syedur Rahman 4 April 2022
The UK government has outlined its plans for making Britain a hub for worldwide crypto technology and investment.
It has devised a series of measures that aim to place Britain at the centre of crypto-related developments.
The measures include:
The measures have the aim of ensuring the UK financial services sector stays at the cutting edge of technology while also attracting investment and jobs. The government believes its approach will ensure both financial stability and high regulatory standards, enabling new technologies to flourish and be used reliably.
In announcing the measures, the Economic Secretary to the Treasury, John Glen, also stated that the UK is to examine the possible benefits of using Distributed Ledger Technology (DLT) in financial markets. DLT involves data being synchronised and shared in a decentralised way, which could lead to increased efficiency and transparency.
Mr Glen added that the government would consult on wider regulation of the cryptoasset sector later this year.
While the government appears to have set itself a sizeable and ambitious workload in relation to crypto, its efforts have to be viewed as worthwhile and innovative steps towards enhancing the UK’s technology markets. The UK has already been at the forefront when it comes to creating a framework to deal with crypto assets within the legal system and courts
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, civil recovery, cryptocurrency and high-stakes commercial disputes.