U.K. Government Set to Regulate Stablecoins and Crypto Activities by Mid-2024
At the Innovate Finance Global Summit, Economic Secretary Bim Afolami announced that the U.K. government plans to introduce legislation for stablecoins, crypto staking, exchange, and custody by June or July.
Afolami emphasized the swift progress in finalizing proposals for the regulatory regime, stating that once implemented, various crypto asset activities will fall within the regulatory perimeter for the first time. In 2023, the U.K. laid the groundwork for regulating stablecoins and crypto through a financial markets bill, with consultations conducted by local regulators, the Financial Conduct Authority, and the Bank of England.
Afolami hinted at forthcoming secondary stablecoin legislation in February, aiming for completion within six months. Despite the Conservative Party-led government’s ambitions to position the U.K. as a crypto hub, the impending election could impact the timeline for crypto regulation, with the Labour party currently favored to win.
Clever Robot News Desk 18th April 2024
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