UK Regulatory Framework: UK to Begin Drafting Crypto Laws in 2025
Just as the European Union’s Markets in Crypto Assets (MiCA) regulations take effect throughout the trading bloc, the United Kingdom intends to begin drafting a regulatory framework for the crypto sector by the beginning of next year.
We aim to engage firms on draft legal provisions for the crypto asset regime including stablecoins as early as possible next year,
Economic Secretary Tulip Siddiq said at City & Financial Global’s Tokenisation Summit
Labour Government Commits to Strengthening Crypto Framework in the UK
The declaration comes after months of ambiguity around the government’s post-election plans for the sector. More regulations for stablecoins and staking providers are on the horizon, according to the Financial Services and Markets Act, which was implemented by the previous Conservative administration to recognize cryptocurrency as a regulated company.
Siddiq stated that the newly elected Labour administration in July plans to fully execute its predecessor’s crypto proposals on the establishment of regulated activities, such as running a cryptocurrency trading platform and a market abuse regime. Stablecoins will no longer be subject to the payment regime in the United Kingdom, according to current intentions. To avoid it being viewed as a communal investment scheme, there will also be a staking carve out.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment