A plan to develop a way to discover loopholes in UK regulations that fail to keep pace with crypto and artificial intelligence (AI) innovations has been proposed by the Lord’s Chief Technology Adviser, The Financial Times mentioned.
Richard SuskindWho is also director of LegalUK, a London-based think-tank whose mission is to promote the use of English law and dispute resolution in the UK globally, told the news outlet that an independent institute would highlight sections of law that failed to keep pace with the law. With new technological innovations, including crypto assets and artificial intelligence.
In addition, the new English law organization will promote global companies as a way to control innovations such as blockchain transactions.
“The business world will be changed by technology, and the challenge will be to provide a platform for the law supporting these new technologies,” Susskind said.
The proposal comes as lawyers express concern that England’s 365,000 legal sector could lose clients to rival institutes in Dubai and Singapore if the legislation fails to keep pace with technical innovations.
Supporters said such a research center fits with the UK government’s strategy to make the country a world leader in areas such as artificial intelligence.
Susskind is not the only official considering ways to organize new innovations.
In December, the Bank of England (BoE) said it plans to increase the pace of talks to put regulations in place for the world’s newest assets.
For more: Bank of England ramps up talks over crypto rules
Sarah Breden, the central bank’s director of financial strategy and risk, said: That if banks wish to offer cryptocurrency trading and custody services, regulators must design rules to protect the global financial system.
The Bank of England recently said inFinancial Stability Board ReportThat while UK cryptocurrency holdings do not pose a threat to the financial network, their dramatic growth could become even more dangerous as currencies become increasingly linked to broader financial systems and the broader economy.