Crypto News – The goal of enacting new legislation governing stablecoins and cryptocurrency staking is the United Kingdom. It anticipates doing so in the ensuing half-year.
UK Stablecoin and Staking Laws: Ministry Expects Regulations to be in Place within 6 Months
According to Bloomberg, Economic Secretary to the Treasury Bim Afolami stated that the administration was making every effort to guarantee that the new legislation was passed before this year’s general election while speaking at a cryptocurrency event held by Coinbase in London on February 19.
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
New Regulations Will Affect Fiat Money and Stablecoin Holders
This comes after the Treasury promised in October of last year to provide more details on particular cryptocurrency domains by 2024. The implementation of the more comprehensive Financial Services and Markets Act and a prior consultation on fiat-backed stablecoins are thought to be the causes of this action.
According to Elliptic, these new regulations would subject stablecoins backed by fiat money and their holders to already-existing payment laws. This would confer the power to choose the kinds of assets that support a stablecoin on the financial regulator in the UK.
In the UK, the Bank of England will continue to progress work around addressing the risks of systemic payment stablecoins that could have wider implications for financial markets given their size and scale.
Elliptic
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