UK plans to introduce new laws for crypto in the next year

The UK could introduce specific laws to regulate cryptocurrency over the next year.

The UK government has drawn up plans to regulate crypto assets and put its proposals out for consultation. The April deadline for the consultation period is fast approaching.

The UK Treasury’s Economic Secretary has said that specific crypto regulations will come into force in about a year.

Jurisdictions worldwide, from Dubai to Singapore, have sought to position themselves as crypto-friendly countries to help firms set up shop.

The US has taken a tough stance on cryptocurrency firms as its regulators step up enforcement actions against them.

Britain wants to position itself before the arrival of crypto firms. Last year, the UK Chancellor of the Exchequer, and now Prime Minister, said he aimed to make Britain the global center for crypto-asset technology.

Crypto companies have said they want to review laws and push governments to create specific frameworks for them to operate.

The UK regulatory guidance incorporates both existing regulations and new legislation.

Crypto market overview

Bitcoin retreated by 1,612%, recording a loss of 1,843% in the last seven days.

Ether retreated 0.381% to $2,074 but advanced 8% on the week following a series of purchases linked to Ethereum’s blockchain upgrade last Wednesday.

Dogecoin gained 2.97% to $0.0914 and added 7.62% for the week.

Solana retreated 2.32% to $24.412 but remained up 16.57% for the week. Grayscale Investments, a US-based digital currency asset manager, has announced the launch of the Grayscale Solana Trust, now available for public trading under the symbol “GSOL.” The Trust allows investors to gain access to the cost of Solana without owning the asset directly.