CDS Crypto News UK Stablecoin and Staking Laws: Ministry Expects Regulations to be in Place within 6 Months
Crypto News

UK Stablecoin and Staking Laws: Ministry Expects Regulations to be in Place within 6 Months

UK stablecoin and staking laws are planned to be updated in 6 months.

189
UK Stablecoin and Staking Laws: Ministry Expects Regulations to be in Place within 6 Months

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
UK Stablecoin and Staking Laws: Ministry Expects Regulations to be in Place within 6 Months
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...

ETH Price Faces Challenges Amid ETF Outflows

Ethereum (ETH) struggles to maintain price above $2,500 amid ETF outflows and...