James Kaufmann, Legal Director at Reynolds Porter Chamberlain (RPC) UK claimed that drafting the cryptocurrency regulations will require 2 years for the lawmakers. Kaufmann called it out as the best case scenario considering that the House of Commons Treasury Committee starts to progress.
Kaufmann also explained that the process required for moving bills in the HM treasury will be a lengthy process and implementing regulations for fast-paced technology like cryptocurrency will be more difficult as the regulators need to understand the technology, activities, advantages, and it’s implications considering regulators are already occupied with the Brexit. European Parliament has also called out to regulate the implementation of cryptocurrency. Earlier last month, HM treasury conducted a meeting to discuss the security and compliance issues surrounding the cryptocurrency.