United

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April

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 The U.K. government is preparing to introduce new legislation covering crypto staking, stablecoin, exchange and custody services by June or July 2024. 
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The nation’s Economic Secretary, Bim Afolami, reportedly announced this at the Innovative Finance Global Summit on Monday, April 15.&nbsp;
Afolami stated that active efforts are underway to finalize and implement this legislation. Once implemented, he added that this legislation will bring a wide array of cryptocurrencies under regulatory oversight for the first time.
This development builds upon the United Kingdom’s move last year when it passed the <a style="color: #0000ff;" href="https://www.legislation.gov.uk/ukpga/2000/8/contents" rel="noopener noreferrer nofollow">Financial Services and Market Act</a>, which recognized digital assets as regulated financial activities.&nbsp;
In February 2024, the federal secretary hinted that plans are in place to introduce secondary virtual asset legislation within the next six months. At the time, Afolami <a style="color: #0000ff;" href="https://blockworks.co/news/uk-upcoming-staking-stablecoin-legislation" rel="noopener noreferrer nofollow">reportedly</a> stated that the government wanted to get “these things done as soon as possible.”
With ambitions to <a style="color: #0000ff;" href="https://www.gov.uk/government/news/government-sets-out-plan-to-make-uk-a-global-cryptoasset-technology-hub" rel="noopener noreferrer nofollow">position itself as a leading global crypto hub</a>, the U.K. government aims to consolidate key crypto-related activities under the oversight of its Financial Conduct Authority (FCA). Notably, the FCA has begun enforcing <a href="https://defi-planet.com/2023/06/fca-set-to-implement-stricter-rules-for-cryptocurrency-advertisers-in-the-uk/" rel="noopener noreferrer nofollow">legislation mandating the responsible promotion of crypto and stablecoin assets in the country.</a> The regulation, which was enacted in the third quarter of 2023, regulates the marketing of digital assets to retail users.&nbsp;
Also, in January 2024, the U.K. Government released a report, assuring citizens and crypto users residing within its borders that <a href="https://defi-planet.com/2024/01/new-digital-pound-legislation-will-protect-users-privacy-uk-government/" rel="noopener noreferrer nofollow">the forthcoming legislation for its CBDC will focus on user privacy and the control of their monies.</a> The report further outlined the role of new and innovative technologies in transforming both retail and wholesale transactions.&nbsp;
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READ MORE: <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/uk-regulators-propose-digital-securities-sandbox-to-foster-financial-innovation/" rel="noopener noreferrer nofollow">UK Regulators Propose Digital Securities Sandbox to Foster Financial Innovation</a>
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The post <a href="https://defi-planet.com/2024/04/u-k-government-set-to-introduce-new-crypto-laws-covering-staking-stablecoins-and-more-by-mid-2024/" rel="noopener noreferrer nofollow">U.K. Government Set to Introduce New Crypto Laws Covering Staking, Stablecoins, and More by Mid-2024</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

U.K. Government Set to Introduce New Crypto Laws Covering Staking, Stablecoins, and More by Mid-2024

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