Kingdom

2024

United

Prime

when

The United Kingdom administration is preparing to introduce fresh rules relating to <a href="https://news.todayq.com/stablecoins-are-not-stable-says-new-zealands-governer/" target="_blank" rel="noopener noreferrer nofollow">stablecoins</a> and cryptoassets staking services in the next six months. The pressure on specific proposals has increased with a general election looming. New regulations 
Bim Afolami, Economic Secretary to the Treasury, made this clear when he spoke at an industry event hosted by Coinbase in London. He said, “We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.”
Some clarifications regarding aspects of cryptocurrencies were initially promised by The Treasury within 2024 last October. This pledge followed another consultation on fiat-backed stablecoins and the passage of a wider Financial Services and Markets Act in the summer.
Fiat stabilized coins as well as their issuers are predicted by market analysts like Elliptic that they will come under regulation through existing means of payment laws. In this way, the UK’s financial regulator would be able to specify which assets can underpin a stablecoin.
To classify staking as something other than a collective investment will be essential in order to avoid this. “It is important to remember that the regulatory framework for cryptocurrencies is still largely uncertain,” Afolami said. “I think it’s really uncertain now,” he replied when asked if he believed the UK’s cryptocurrency regulations were clear. Initial set of rules 
The Prime Minister, <a href="https://news.todayq.com/rishi-sunak-bans-cold-calls-in-uk-that-sell-crypto-schemes-and-other-financial-products/" target="_blank" rel="noopener noreferrer nofollow">Rishi Sunak</a> had earlier promised to make UK a leading crypto center globally by 2022 with the hope of attracting more digital asset businesses and investments into the country. Nevertheless, not much regulatory headway has been made since then; crypto firms argue that their activities are marred due to the absence of clear rules hindering their operations.
In October 2023, Britain announced plans to create its first set of rules for overseeing the crypto sector. These rules would require businesses in the market to get permission before offering services to customers. The value of bitcoin increased again after the <a href="https://news.todayq.com/worldcoin-rally-is-making-3ac-ftx-creditors-the-biggest-winner/" target="_blank" rel="noopener noreferrer nofollow">FTX crypto exchange</a> collapsed, despite the fact that cryptocurrencies are a minor part of the global financial system. This caused concerns about traditional finance connections and potential threats to consumers.
There were already regulations for digital money markets in the European Union. The rules had been implemented by June. They are enticing for cryptocurrency firms since they set out certain steps to follow if one wants to establish businesses within the EU.
Moreover, Britain’s finance ministry is looking forward to doing the same thing. They intend to solicit public views this month and then require crypto-related companies to get clearance from the Financial Conduct Authority. But there is no timeline on when this will begin.
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UK set to introduce new rules on stablecoins and crypto staking

Todayq News

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