- The UK government expects the UK’s stablecoin and staking bill to be passed within six months.
- Bim Afolami, Minister for Economic Affairs at the UK Treasury (HMT), said this at an event hosted by Coinbase in London.
The UK government expects new regulations on stablecoins and staking services to be introduced in the country within the next six months, UK Treasury (HMT) Economic Secretary Bim Afolami noted.
According to Bloomberg ReportThe government is focused on drafting legislation this year as part of an overall push for regulatory clarity for the cryptocurrency sector.
“We are very clear that we want to get these things done as quickly as possible. And I think that’s possible over the next six months.“Apolami said at an event hosted by Coinbase in London.
Apolami’s comments come as observers point to the government’s plans to put a cryptocurrency regulatory framework in place before the election. While he could not give a specific timeline for when broader cryptocurrency regulation would come into effect, Apolami agreed that “a huge amount of regulation is on the way.”
UK’s push for cryptocurrency regulation
The government’s timeline for stablecoin and staking regulation is likely to be consistent with steps taken in 2023 as the UK strives to become a global hub for cryptocurrency and blockchain innovation.
Last year, the UK Parliament passed the Financial Services and Markets Bill. The Bank of England and the Financial Conduct Authority (FCA) also published regulatory guidance on stablecoins last October and are holding consultations setting out the implementation of cryptocurrency rules from mid-2024.
As Coin Journal reported The stablecoin regulations targeted in October focused on the use, issuance and storage of fiat-backed tokens in payment chains.