Andrew Griffith, Economic Secretary to the UK Treasury, said in a CNBC interview that the country is making progress towards comprehensive legislation after nearly a decade of inaction.
Griffith stated in the interview that the upcoming legal framework is not intended to restrict innovation, but rather to allow service providers to “make the most of the prospects from digital assets.”
Ahead of the new standards, digital asset service providers are planning to implement a stablecoin regulation, which Griffith claims would set the tone for future regulations.
When asked about the possibility of a central bank digital currency (CBDC), Griffith stated that the launch date will be more than a year away because authorities are still debating privacy and technology issues.
In the absence of effective legislative restrictions, regulatory bodies like as the Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA) have been monitoring the situation.
Coinbase CEO Brian Armstrong met with Griffith earlier this week to discuss the best ways for the government to enact “appropriate crypto policy” for future adoption, regulation and policy implementation.
