• The U.K. held its first parliamentary debate on cryptocurrency regulation on Jan. 25, 2023.
• The debate was led by finance minister Andrew Griffith, who promised to have six roundtables with the sector during 2023.
• Prime Minister Rishi Sunak expressed his support for the development of a crypto-friendly environment in the U.K.
On Wednesday, Jan. 25, 2023, the U.K. Parliament held its first ever parliamentary debate on cryptocurrency regulation. The debate was led by finance minister Andrew Griffith and focused on the need for clarification and regulation in the nascent sector.
During the debate, Griffith promised to have six roundtables with sector participants during 2023 in order to address the gaps in current regulation. He stressed the need for sensible and balanced regulation in order to allow the safe use of crypto technology. He also noted that the U.K. is currently one of the most open, dynamic and competitive financial services hubs in the world.
Prime Minister Rishi Sunak also expressed his support for the development of a crypto-friendly environment in the U.K. He emphasized the importance of embracing technology and innovation as a way to improve all lives. Sunak also suggested that such an environment would make things cheaper, faster, and better.
The debate on Jan. 25, 2023 marks an important milestone in the U.K.’s efforts to become a leader in the crypto space. Lawmakers from both sides of the aisle were in agreement that the sector needs more regulation and clarity for it to move forward. It remains to be seen what type of regulation will be proposed and whether or not it will be accepted. However, the fact that the U.K. is having an open discussion about cryptocurrency is certainly a positive development.