The UK government is “pushing very hard” to enact new regulations for stablecoins and cryptocurrency staking services within the next six months, UK Treasury Economic Secretary Bim Afolami told Coinbase on Monday, according to Bloomberg. He spoke at an event hosted by .
The official said the government would “get these things done as quickly as possible” over the next six months, Bloomberg reported. reported. The UK has not yet set a date for the next general election, but it is legally scheduled to be held in January 2025.
Apolami’s comments followed comments from the Treasury Department. Consultation response Last August, the Bank of England and the Financial Conduct Authority agreed to jointly oversee systematic stablecoins.
stricter rules
The British government announced in October 2023 Posted Offer It outlined its intention to place the cryptocurrency sector within the realm of financial regulation, including requiring firms to obtain approval from the Financial Conduct Authority to carry out cryptocurrency-related activities.
Following this announcement, several crypto companies, including revolution and Bitfinex, which has discontinued its services in the UK. To comply with FCA rules; Coinbase has launched Since last month, it has required UK users to submit a risk clearance form.
“For certain cryptocurrency players, the FCA’s somewhat stringent marketing rules are both a deterrent and a potential reason to leave the jurisdiction,” Oliver Linch, lawyer and CEO of cryptocurrency exchange Bittrex Global, told The Block. “It is becoming,” he said. last month’s interview. Bittrex Global announced last November: finish Due to regulatory issues and declining market share.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.