Regulation of the UK cryptocurrency market could take two more years to enact, according to corporate law firm Reynolds Porter Chamberlain (RPC). In a press release, the firm said that a two-year timeframe for passage of legislation on cryptocurrencies was a \u201cbest-case scenario,\u201d based on previous financial legislation. In September, the UK Parliament\u2019s Treasury committee released its report on cryptocurrencies in which it stated that the \u201cWild West situation\u201d of the industry could not continue. The highly critical report suggested for the Financial Conduct Authority (FCA) to be the regulating body. RPC said, \u201cPast precedents show it can take years to make relatively minor regulatory changes to the financial regulatory regime. For example, it took two and a half years from the Treasury\u2019s original announcement (10 May 2004) for the regulation of home reversion plans to come in force (6 November 2006).\u201d According to the firm, HM Treasury would have to assess, \u201cperhaps with market study,\u201d what cryptocurrency-related activities are to be regulated, as well as conduct consultations on proposed draft rules. \u201cEven if MP\u2019s latest proposals were fast tracked, it could still take years for regulations to cover the UK cryptocurrency market that tread the middle ground between protecting retail participants and allowing the UK\u2019s cryptocurrency market to thrive,\u201d James Kaufmann, RPC legal director, said. He also expressed concerns that \u201cringing a complex and fast evolving area like cryptocurrencies into a regulatory framework is going to be a difficult and lengthy process. Added to this, big issues like Brexit are already occupying a lot of regulator\u2019s time.\u201d Although the Parliament members had tagged the FCA as a regulator, RPC questioned if the agency would have the capacity, funding, and expertise to regulate cryptocurrencies, and be able to prepare for markets\u2019 reaction to the regulations. The firm added that it agreed with the sentiment of the Treasury committee report on the value of implementing \u201ca workable regulatory regime for cryptocurrencies.\u201d Kaufmann said, \u201cThe creation of a cryptocurrency trading hub may also have positive knock-on effects for businesses serving these markets, such as brokers, investment banks, and custodians as well as a potential increase in tax revenues for authorities.\u201d Even with warnings of cryptocurrency-related investments, the trade is largely uninhibited in the UK. The London Block Exchange (LBX) recently launched a service that would allow storage, transfer, and management of digital assets, initially for traders, investment fund managers,s and companies with initial coin offerings (ICOs). Furthermore, the use of blockchain technology is also being explored for the management of landlines and the land registry in the UK.