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UK authorities set deadline to introduce laws on stablecoins and staking

uk-authorities-set-deadline-to-introduce-laws-on-stablecoins-and-staking
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UK authorities set deadline to introduce laws on stablecoins and staking

The UK authorities may introduce laws on staking and stablecoins within six months.

In a Bloomberg article from Feb. 20, officials in the UK appear hellbent on introducing laws to regulate stablecoins and staking.

According to Economic Secretary to the Treasury Bim Afolami, speaking at an industry event organized by Coinbase in London on Monday, the UK government is “pushing very hard” for the legislation.

“We’re very clear that we want to finish these things as soon as possible. And I think over the next six months, those things are doable.”

Bim Afolami, Economic Secretary to the Treasury

Staking, the process in which investors lock up their tokens to help keep the blockchain running in exchange for a small return, is expected to receive a new classification that will avoid it being considered a collective investment, said Tom Duff Gordon, vice president of international policy at Coinbase.

Broader proposals that could bring crypto exchanges and other industry providers under existing financial services rules remain in limbo. Asked whether the guidance could also become law this year, Afolami said he could not give a time frame.

Earlier, UK Prime Minister Rishi Sunak vowed to transform the country into a “global crypto hub.” In October 2023, the Treasury promised for the first time to bring more clarity to specific areas of cryptocurrencies by some point in 2024. traditional currencies such as the dollar or pound, and the passage of the broader Financial Services and Markets Act last summer.