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The British government plans to introduce new regulations for stablecoins and other crypto services, such as staking, exchange, and custody, by mid-year. 
Economic Secretary Bim Afolami announced this at the <a href="https://www.innovatefinance.com/ifgs2023/" target="_blank" rel="">Innovate Finance Global Summit</a> this week. He <a href="https://twitter.com/subjectiveviews/status/1779890490625728716" target="_blank" rel="">emphasized</a> the rapid progress being made to establish a comprehensive regulatory framework and said the government is quickly advancing the legislation that will finalize the new regulatory proposals.&nbsp; 
Once implemented, this legislation will bring various cryptocurrency operations, including exchanges and custodial services, under regulatory oversight for the first time. 
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 🇬🇧🚨🇬🇧🚨🇬🇧 𝗟𝗢𝗡𝗗𝗢𝗡 𝗜𝗦 𝗥𝗘𝗔𝗗𝗬 🇬🇧🚨🇬🇧🚨🇬🇧 👤 <a href="https://twitter.com/BimAfolami?ref_src=twsrc%5Etfw" target="_blank" rel="">@BimAfolami</a>, MP and Economic Secretary to HM Treasury outlines that legislation is being developed to regulate <a href="https://twitter.com/hashtag/stablecoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#stablecoins</a> and <a href="https://twitter.com/hashtag/staking?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#staking</a>, with plans to finalize proposals by their summer recess (🗓 July 24) 💥 Upon… <a href="https://t.co/GAkBLWAbn4" target="_blank" rel="">pic.twitter.com/GAkBLWAbn4</a>— Subjective Views (@subjectiveviews) <a href="https://twitter.com/subjectiveviews/status/1779890490625728716?ref_src=twsrc%5Etfw" target="_blank" rel="">April 15, 2024</a>
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 You might also like: <a href="https://crypto.news/will-mica-regulation-end-tethers-dominance-in-the-eu/" rel=""> Will MiCA regulation end Tether’s dominance in the EU? </a> 
Last year, the U.K. enacted a significant financial markets bill that set the groundwork for treating stablecoins and broader cryptocurrency activities as regulated financial services within the nation. Early last year, the Financial Conduct Authority (FCA) and the Bank of England (BoE) contributed their expertise to shape the regulatory approach to <a href="https://crypto.news/will-mica-regulation-end-tethers-dominance-in-the-eu/" rel="">stablecoins</a>.&nbsp; 
The BoE will oversee stablecoin entities that pose systemic risks, while the FCA will regulate the broader cryptocurrency market. In addition to these developments, Afolami revealed in February that supplementary legislation specifically targeting stablecoins was underway and expected to be finalized within the next six months. 
The U.K. has slowly improved its crypto adoption with new regulatory and legislative moves. Last week, the <a href="https://crypto.news/london-stock-exchange-bitcoin-ethereum/" rel="">London Stock Exchange</a> (LSE) began accepting listing applications for <a href="https://crypto.news/price/bitcoin/" rel="">Bitcoin</a> and <a href="https://crypto.news/price/ethereum/" rel="">Ethereum</a> exchange-traded notes (ETNs). 
Like <a href="https://crypto.news/bitcoin-etfs-55m-net-outflow-btc-drops-65k-on-friday/" rel="">Bitcoin ETFs</a> in the U.S., the ETNs will allow institutional investors to gain exposure to the crypto market, with trading set to begin May 28.&nbsp; 
 Read more: <a href="https://crypto.news/base-hack-defi-network/" rel=""> Defi platform on Base network experiences $2m hack </a>

UK to implement new crypto, stablecoin legislation by Q3

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