Bittime - The UK will issue new regulations for stablecoins, crypto staking, crypto exchanges and crypto asset custody in June or July this year, Economic Secretary Bim Afolami said. This step was taken after the passing of an important draft law (RUU) in June 2023 which designated crypto and stablecoins as regulated financial activities in the country.
The British government led by the Conservative Party has the ambition to make the UK a global crypto center. This was realized with the passing of legislation last year recognizing crypto and stablecoins as regulated financial activities in the UK.
UK Crypto Regulatory Momentum
In his speech at the Innovate Finance Global Summit on Monday, Economic Secretary Bim Afolami announced that the UK government will soon issue regulations for stablecoins, crypto staking, crypto exchanges and crypto asset custody.
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“We are working quickly to finalize this legislation to implement our final proposed regulatory framework,” Afolami said. “Once this regulation takes effect, various crypto asset activities, including running exchanges, storing customer assets, and other things, will for the first time come under the scope of the regulation.”
Crypto Regulation Foundation Formed in 2023
In 2023, the UK passed a financial markets bill that laid the foundation for the treatment of stablecoins and cryptos in general as regulated financial activities. Local regulatory authorities, the Financial Conduct Authority (FCA) and the Bank of England, both carried out consultations on the stablecoin regulatory scheme last February.
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The Bank of England said it would oversee stablecoin providers large enough to influence the financial system, while the FCA would regulate the wider crypto space.
Afolami previously signaled that there would be special regulations for stablecoins last February. He added that the government is trying to complete it within six months.
Challenges and Future of UK Crypto Regulation
The British government led by the Conservative Party aspires to make the UK a crypto hub. Since then, they have held consultations regarding their ambitions to regulate crypto.
The UK is expected to hold an election this year, potentially toppling the Conservative Party in power and leaving some of their crypto plans in limbo. This means that the time remaining for the party to carry out this plan may be limited. Currently, the Labor Party is favored to win the election.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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