The UK government is fast-tracking crypto legislation on stablecoins and staking ahead of elections.
With the governing Conservative party behind in polls, the UK government is rushing to pass crypto legislation before the next general election. Economic Secretary Bim Afolami said the government aims to enact laws on stablecoins and crypto staking within 6 months.
Speaking at a Coinbase event on Monday, Afolami stated "We're pushing very hard" on the legislation and sees it as "doable" within that accelerated timeline. His remarks come after the Bank of England and Financial Conduct Authority announced coordinated oversight plans last October.
The push for crypto rules seeks to fulfill years of promises to make the UK a "global crypto hub" - vows first made by Prime Minister Rishi Sunak back in 2022. But concrete progress had lagged until now, even after the UK Law Commission issued several key recommendations last July. Those included creating a new legal category for digital assets.
With the Labour Party currently favored to win the upcoming election, the window for the Conservatives to establish their vision for crypto may be closing. Afolami admitted he could not commit to a timeline on comprehensive crypto legislation given the vast scope of issues involved.
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