UK stablecoin and staking regulation likely in six months: report

Uk Stablecoin And Staking Regulation Likely In Six Months: Report


The UK government will maintain the country's stablecoin and regulatory framework within six months. Bhim Afolami, the Economic Secretary to Her Majesty's Treasury, said this at an event organized by Coinbase in London.

The UK government expects new regulations on stakingcoins and staking services to be introduced in the country in the next six months, HM Treasury's Economic Secretary (HMT) Bhim Afolami has announced.

According to a Bloomberg report, the government is focused on implementing the law this year as part of an overall push for regulatory transparency for the crypto sector.

“We are very clear that we want to get these things done as soon as possible. And I think in the next six months those things are doable,” Afolami said at an event hosted by Coinbase in London.

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Afolami's comments came as observers pointed to the government's plans to have a crypto regulatory regime in place before the election. While he couldn't provide a specific timeline for when to expect broader crypto regulations, Afolami agreed that “a lot is going on.”

UK push for crypto regulation

The government's timeline for stablecoin and staking regulations appears to be in line with measures taken by 2023 as the UK pushes to become a global hub for crypto and blockchain innovation.

Last year, the UK Parliament passed the Financial Services and Markets Bill. The Bank of England and the Financial Conduct Authority (FCA) also announced regulatory guidelines for the stablecoin in October, setting up a consultation on the implementation of crypto rules from mid-2024.

As CoinJournal reported in October, the proposed stablecoin regulation focuses on the use of fiat-backed tokens in payment chains, as well as their issuance and security.

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