Jeff Kaufmann, director of UK law firm Reynolds Porter Chamberlain (RPC), said the introduction of UK market regulation of cryptocurrency could take two years, according to a press release. PRC released on October 11th.
RPC is a London-based law firm and an insurance company with offices in Bristol, Singapore, and Hong Kong, employing 720 people, including more than 80 partners and 330 other lawyers. Since 2014, the company has been appointed law firm three times a year.
Kaufmann said it would take about two years to implement the regulation of the cryptography market in the United Kingdom, as the proposals presented in a recent report by the Treasury Board of the UK Treasury ahead. Kaufmann points out that previous events have shown that even minor changes in the current regulatory system can take years.
According to Kaufmann, the introduction of new regulations would involve greater involvement of the country's financial supervisory body, the FCA, which would raise concerns that the FCA has the required expertise and resources to regulate the cryptography sector.
The cryptocurrencies control "will be a long and difficult process," said Kaufmann, who stressed the need to strike a balance between "protecting the participants and developing the cryptographic market in the UK." He added.
"The race for a sustainable and regulated cryptocurrencies regimen is deserved to be gained, with wide application in Europe and around the world. Creating cryptic clearinghouses can also have a positive impact on companies serving these markets, such as brokers, investment banks and depositors, as well as potentially increase tax revenues for the authorities. "
Russia requested in September to address some issues related to the digital currency, such as price volatility, poor consumer protection, hacking risk, and money laundering. The board also requested FCA control over cryptocurrencies, although currently it is not legally permitted to regulate digital assets transfer or cryptographic exchanges.