EddieJayonCrypto
20 Feb 24
Recent reports indicate that UK lawmakers are set to introduce new regulations for crypto-staking services and governing stablecoins in the next six months. There is growing pressure from the cabinet to submit a proposal before the next general elections. Economic Secretary to the Treasury Bim Afola...
Recent reports indicate that UK lawmakers are set to introduce new regulations for crypto-staking services and governing stablecoins in the next six months. There is growing pressure from the cabinet to submit a proposal before the next general elections. Economic Secretary to the Treasury Bim Afolami has expressed a strong commitment to advancing legislation in this regard. However, there are concerns about the slow regulatory development in the UK, and there are pending proposals to subject crypto exchanges and industry players to existing financial services regulations.
At an industry event hosted by Coinbase in London, Economic Secretary to the Treasury Bim Afolami expressed the government’s strong commitment to advancing legislation. Afolami emphasized the government’s determined efforts to push forward with legislative initiatives. Last year, the Treasury made a promise to offer clearer guidelines on certain aspects of crypto by the year 2024. This commitment came after an initial consultation on fiat-backed stablecoins and coincided with the passing of the comprehensive Financial Services and Markets Act in the previous summer. According to market analysts like Elliptic, there’s an anticipation that fiat-backed stablecoins and their issuers will come under regulation through existing payment laws. This regulatory approach could empower the UK’s financial overseers to determine the types of assets permissible for supporting stablecoins.
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