UK Treasury Minister sets 6-month deadline to regulate stablecoins and crypto staking! 💥

UK Treasury Minister sets 6-month deadline to regulate stablecoins and crypto staking! 💥

Plans for new regulations on stablecoins and cryptocurrency staking in the UK are being developed, according to a Bloomberg report. The Economic Secretary to the Treasury, Bim Afolami, stated at a Coinbase event in London that the UK government is actively working towards implementing these regulations. Afolami expressed confidence that the rules could become law within the next six months.

However, when asked about broader crypto regulations, Afolami was unsure of the timeline due to the amount of ongoing work. This news follows the release of guidelines by the Financial Conduct Authority (FCA) regarding the marketing of crypto assets in the UK. The FCA aims to ensure that financial promotions related to crypto assets are fair, clear, and not misleading.

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Overall, the UK is taking steps to regulate stablecoins and crypto staking, with the potential for these rules to be implemented within six months.

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