Prime

Economic Secretary to the Treasury Bim Afolami revealed this timeline while speaking at a crypto event hosted by Coinbase in London on Feb. 19, as reported by Bloomberg. Afolami clarified that the government is committed to passing the new laws ahead of this year's general election.
“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,” Afolami said.
When pressed for specific details regarding the awaited crypto regulation, Afolami stated: "Short answer is, I don’t know... There’s just a huge amount going on, so I don’t want to commit to that now."
Back in 2022, UK Prime Minister Rishi Sunak pledged to position the country as a "<a href="https://financefeeds.com/uk-crypto-firms-can-now-rely-on-englebert-for-fca-compliant-ads/" rel="noopener noreferrer nofollow">global crypto hub</a>," underlining the importance of enabling crypto firms to invest, innovate, and expand within the UK. Despite this pledge, progress on regulation has been slow, with crypto firms operating in the UK advocating for clearer rules.
On July 3, 2023, the UK Law Commission issued four <a href="https://financefeeds.com/lord-phillip-hammond-becomes-chair-of-uk-crypto-custodian-copper/" rel="noopener noreferrer nofollow">key recommendations</a> for reforming local laws related to crypto use and ownership. These recommendations included creating a distinct category of personal property to protect digital assets' unique features and conducting a common law analysis of crypto assets. Additionally, the commission proposed establishing an industry-specific panel of experts to advise courts on crypto-related legal matters.
In October 2023, the UK government said it will introduce more crypto-specific regulation during 2024, with plans to bring fiat-backed stablecoins under the oversight of the Financial Conduct Authority (FCA).
Experts from the blockchain analytics world, such as Elliptic, expect that fiat-backed stablecoins and the entities issuing them will likely fall under the umbrella of current payment regulations. This shift would arm the UK's financial watchdog with the authority to specify the kinds of assets that are permissible for backing stablecoins.
Nevertheless, the impact of currenct strict regulations is already visible in the UK’s crypto market, with firms like&nbsp;<a href="https://financefeeds.com/bybit-exits-uk-market-ahead-of-regulatory-changes/" rel="noopener noreferrer nofollow">Bybit</a>&nbsp;and&nbsp;<a href="https://financefeeds.com/paypal-subpoenaed-by-sec-over-dollar-pegged-cryptocurrency/" rel="noopener noreferrer nofollow">PayPal</a>&nbsp;withdrawing certain services. Luno, another prominent crypto company, has restricted some clients from investing in cryptocurrencies on its platform.

UK targets new laws for stablecoins and crypto staking within six months

FinanceFeeds

在 2024年2月20日發表的其他文章

Indian Payments Authority executive supports RBI’s efforts in CBDC development

Peter Schiff Ridicules Bitcoin’s Climb; Filecoin and Polkadot Rival Brace for Major Strides

Render Price Prediction: Will Bulls Stretch Rally Towards $10?

Experts Warn Of 6102-Style Bitcoin Ban In The US, What Does It Mean?

Exploring the Surge in Meme Token Popularity and Prices

Memecoins to Watch: Top 3 Dogecoin Challengers in 2024; Kaspa and New Memecoin on the Rise

訂閱免費電子報，每天收取加密貨幣最新動態！