“We are currently working at breakneck speed to introduce legislation to prepare a final proposal for our regime,” Mr Apolami said. “Once activated, all cryptocurrency asset activities, including exchange operations, customer asset management and other matters, will come within regulatory scope for the first time.”
Development timeline for the UK’s cryptocurrency regulatory framework
Last February, Apolami, MP for Hitchin and Harpenden, confirmed that the UK government was aiming to complete a second round of stablecoin legislation within six months.
The British government announced in October 2023 Posted Offer It outlined its intention to regulate the cryptocurrency sector. them It includes a requirement that companies obtain approval from the Financial Conduct Authority (FCA) to carry out cryptocurrency-related activities.
The October proposal followed one from the UK Treasury. Consultation response Last August, the Bank of England and the FCA agreed to jointly oversee systematic stablecoins.
In early 2023, the UK passed the Financial Services and Markets Bill, paving the way for regulators to begin developing a framework to oversee domestic stablecoin and cryptocurrency financial activities.