Kingdom

2024

United

when

The United Kingdom is aiming to pass new laws regulating stablecoins and crypto staking within the next six months.
Speaking at a Coinbase-hosted crypto event in London on Feb. 19, Economic Secretary to the Treasury Bim Afolami said the government was working hard to ensure the new legislation was passed ahead of this year’s general election, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-19/uk-s-afolami-says-expects-rules-on-stablecoins-crypto-staking-within-six-months?sref=dJOSAJZH" target="_blank" rel="noopener nofollow">reported</a>.
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
Afolami remained tight-lipped when pressed for more specific details concerning the long-awaited crypto regulation.
‘“Short answer is, I don’t know [...] There’s just a huge amount going on, so I don’t want to commit to that now,” he said. 
Back in 2022, U.K. Prime Minister Rishi Sunak <a href="https://cointelegraph.com/news/uk-prime-minister-rishi-sunak-s-win-was-a-victory-for-crypto">pledged to establish the country</a> as a “global crypto hub,” highlighting the need for crypto firms to be able to “invest, innovate and scale up” in the United Kingdom.
Since then, little meaningful progress has been made on regulation in the country, despite many cries for more concise rules from crypto firms operating on U.K. soil. 
On July 3, 2023, the U.K. Law Commission <a href="https://cointelegraph.com/news/crypto-law-united-kingdom-law-commission-recommends-crypto-law-reforms">published four major recommendations</a> to reform domestic laws on crypto use and ownership. 
Related: <a href="https://cointelegraph.com/news/uk-legislation-new-rules-crypto-users-exchanges">Controversial UK legislation creates ‘positive friction’ for crypto users</a>
The commission pushed for the creation of a new distinct category of personal property to accommodate for and protect the unique features offered by digital assets. 
Alongside this push came a recommendation for the government to carry out a common law analysis of crypto assets, as well as establish an industry-specific panel of technical experts, academics and legal practitioners to advise courts on crypto-related legal issues. 
On Oct. 30, 2023, the U.K. government <a href="https://cointelegraph.com/news/uk-plans-stablecoins-regulation">said it would aim to introduce</a> more crypto-specific regulation during 2024 and see the regulation of fiat-backed stablecoins brought under the purview of the Financial Conduct Authority (FCA).
The U.K. is getting ready for its general election, widely <a href="https://www.theguardian.com/politics/ng-interactive/2024/feb/19/uk-general-election-opinion-polls-tracker-latest-labour-tories-starmer-sunak" target="_blank" rel="noopener nofollow">expected</a> to be called sometime in the second half of 2024. The country’s Labour Party, expected to be less sympathetic to crypto, is leading in the early-stage polls.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-inevitable-all-in-meet-vance-spencer/">‘Crypto is inevitable’ so we went ‘all in’ — Meet Vance Spencer, permabull</a>

UK could pass stablecoin, staking laws within six months: Report

Cointelegraph

2024년 2월 20일에 게재된 다른 기사

Cryptocurrency Market Surges as Major Coins Gain Momentum

Groundbreaking AI Interoperability Prototype Developed by Qualcomm and Nokia

XRP Community Considers Removal of 40 Billion Tokens Held by Ripple

NVIDIA Corporation (NASDAQ: NVDA) on Upbeat AI Demand

Bitcoin’s Golden Projection: Analyst Envisions $600K Price Tag, Assessed In Gold Ounces

February Ethereum Price Outlook: Can ETH Reach $3.3K?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!