Summary

• UK Financial Minister plans new post-Brexit laws for crypto sector.
• Griffith committed to holding roundtables in 2023 for crypto regulation.
• Industry is waiting for regulatory clarity and Griffith acknowledges the need for speed.

The United Kingdom's financial services minister, Andrew Griffith, has pledged to increase engagement with the crypto sector as he develops new laws post-Brexit. Last April, Rishi Sunak, who was then the finance minister and is now the prime minister, announced his intention to make the country a hub for crypto.

However, a consultation on how to regulate this financial technology has yet to take place. To address this, Griffith has committed to holding six roundtables with various sector participants during 2023 to discuss crypto regulation. He emphasized the importance of balanced and timely regulation to ensure the safe use of this technology, while also providing regulatory clarity and encouraging financial technology investment.

While Griffith did not provide a specific date for a policy document on crypto rules, he stated that it would be "a matter of certainly weeks, not months." The U.K. crypto industry is eagerly awaiting regulatory clarity and Griffith acknowledged the importance of speed in this fast-moving sector, particularly in regards to slow registration processes at the Financial Conduct Authority.

Overall, while the government's vision is supported, lawmakers are calling for more clarity on timing in order to protect consumers and move forward with establishing the U.K. as a global hub for crypto investment.