#UK: #Cryptocurrency Regulations May Take 2 Years for Lawmakers to Draft
Cryptocurrency #regulations in the UK could take up to 24 months to be introduced according to a legal expert at a UK based law firm.
James Kaufmann, Legal Director at Reynolds Porter Chamberlain (RPC) UK, while commenting on the subject in a statement published by his company, said it could take two years to introduce such regulations due to a couple of reasons. To achieve the results within such a timeline is based on a best-case scenario where the proposals with the House of Commons Treasury Committee report starts to progress.
RPC is a London based corporate law firm with offices in the UK and Asia. The firm which has over 80 partners, has been named Law Firm of the Year three times in a row since 2014.
According to Kaufmann, the processes required to move such bills forwards are often “lengthy,” given that the recent proposals sent to House of Commons Treasury Committee (HM Treasury) have just begun to move forward. “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,” he noted in the release.
According to the statement, past incidents of regulatory changes of lesser magnitude show that even the two-year timeline is quite ambitious.
Kaufmann stated in the release: “Past precedents show it can take years to make relatively minor regulatory changes to the financial regulatory regime. For example, it took two and a half years from the Treasury’s original announcement (10 May 2004) for the regulation of home reversion plans to come in force (6 November 2006).” To regulate cryptocurrencies, the Treasury Committee will need time to study the industry to know which “specific activities related to cryptocurrencies”require monitoring, draft proposed regulations, allow for a consultation period, publish changes and set an implementation date.
#London #bitcoin cryptocurrency
#bitcoinnews #forex #bitcoinworld
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Janine Allis :
is an Australian businesswoman who is the founder of Boost Juice and part-owner of Retail Zoo, which is the parent company of Boost Juice, Salsa's Fresh Mex Grill and Cibo Espresso. Allis started Boost Juice from her home in 2000 and launched in Adelaide, South Australia, and the franchise is now in 13 countries.
Allis appears as a "shark" on the Australian version of the TV show Shark Tank. Apart from her directorship with Retail Zoo,Allis is also a Director of Michael Hill Jeweller. She is also the author of the book The Accidental Entrepreneur - The Juicy Bits •
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