UK to Regulate the Crypto Space Within the Next 6 Months
In recent developments, the United Kingdom has set its sights on implementing fresh legislation to regulate stablecoins and crypto staking within the next half-year.
During a cryptocurrency event held in London by Coinbase on February 19, Bim Afolami, the Economic Secretary to the Treasury, emphasized the government’s urgency in passing the new laws before this year’s general election, as per reports from Bloomberg.
Pressed for further details on the impending crypto regulation, Afolami remained tight-lipped, citing the extensive ongoing developments in the sector.
The U.K.’s ambition to become a “global crypto hub” was highlighted by Prime Minister Rishi Sunak back in 2022, underscoring the importance of allowing crypto companies the freedom to invest, innovate, and expand within the country.
However, progress on regulatory frameworks has been slow, despite calls from crypto firms within the U.K. for clearer guidelines.
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On July 3, 2023, the U.K. Law Commission proposed four key recommendations aimed at reforming domestic crypto laws.
These recommendations included establishing a distinct category of personal property to address and protect the unique features of digital assets, conducting a common law analysis of crypto assets, and forming a specialized panel comprising technical experts, academics, and legal professionals to provide guidance on crypto-related legal matters.
On October 30, 2023, the U.K. government announced its intention to introduce more targeted regulation for the crypto sector in 2024, including bringing fiat-backed stablecoins under the oversight of the Financial Conduct Authority (FCA).
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
