The United Kingdom is considering passing new legislation to regulate crypto and stablecoins within the next six months. The goal is to bring clarity to stablecoins and staking services in the country. The upcoming Crypto and Stablecoin Regulations 2024 will address these issues. Bim Afolami, the Economic Secretary to the Treasury, expressed the government’s commitment to passing the legislation before the general election. However, Afolami did not provide specific details about the regulations.
Despite Prime Minister Rishi Sunak’s pledge to make the UK a global crypto hub, there has been little progress in terms of crypto regulation. Calls for clearer rules for crypto firms have not been fully addressed. The UK Law Commission recommended the creation of a new category of personal property to protect digital assets and the establishment of a panel of experts to advise courts on crypto-related issues. The government previously announced plans to introduce more crypto-specific regulations and bring fiat-backed stablecoins under the FCA’s oversight. The upcoming general elections might influence the future of crypto regulation in the UK.
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