According to a Bloomberg report, plans are underway for new rules and regulations for stablecoins and cryptocurrency staking in the United Kingdom (UK).
The report quoted Treasury and Economic Affairs Minister Bim Afolami as saying at an event hosted by the Coinbase cryptocurrency exchange in London that the UK government is “pushing very hard” to make the necessary regulations a reality.
Apolami added that rules designed to govern stablecoins and cryptocurrencies could become law before the end of the year.
“We are very clear that we want to get these things done as quickly as possible. And I think that will be possible over the next six months.”
As for when broader cryptocurrency regulation beyond stablecoins and staking might be implemented, Apolami says:
“The short answer is ‘I don’t know.’ “I don’t want to commit to that right now because there’s a huge amount of work going on.”
The report on the UK government’s plans to regulate stablecoins and staking comes just months after the UK’s financial regulator, the Financial Conduct Authority (FCA), issued new guidance on marketing cryptocurrency assets. According to the FCA, the rules for promoting cryptocurrencies are consistent with existing rules for other high-risk investments.
“A key requirement of the financial promotion rules is that financial promotions must be fair, clear and non-misleading.
These measures aim to support the UK’s long-term economic growth by reducing instances of loss of trust in financial services resulting from customers not fully understanding the risks when purchasing cryptocurrency assets. “Clearer and fairer promotions allow consumers to be better informed so they can make appropriate decisions tailored to their needs and risk profile.”
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