The UK government is expecting to implement new regulations on stablecoins and staking services within the next six months. This was announced by Economic Secretary to His Majesty’s Treasury (HMT), Bim Afolami, during an event hosted by Coinbase in London.
According to a Bloomberg report, the government is committed to providing regulatory clarity for the crypto sector and aims to have the legislation in place this year. Afolami stated, “We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.”
Observers believe that the government’s timeline for these regulations aligns with their goal to make the UK a global hub for crypto and blockchain innovation. In 2020, the UK parliament passed the Financial Services and Markets Bill, and in October, the Bank of England and the Financial Conduct Authority (FCA) announced regulatory guidelines for stablecoins. A consultation for the implementation of these rules will begin in mid-2024.
The focus of the targeted stablecoin regulation is on the use, issuance, and custody of fiat-backed tokens in payment chains. This was reported by CoinJournal in October.
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