The UK government plans to create a new regulatory program for crypto that could become law within the next 12 months, according to Andrew Griffith, economic secretary to the Treasury. The consultation period for the proposed crypto regulation ends on April 30, with the intention of making the UK "a safe jurisdiction for cryptoasset activity to take place, fostering innovation and providing firms clarity over the planned regulatory framework." The new law will focus on exchange activities, custody activities, and lending activities. The EU is taking a different path with its proposals for new regulation on Markets in Crypto-Assets (MiCA). The UK's new crypto laws will run alongside traditional finance regulation, according to Griffith.

(By Jim Edwards)