- The UK is aiming to approve new stablecoin and staking regulations within the next six months.
- This follows the HMT’s October pledge to provide a clearer set of crypto regulations.
- Bim Afolami, Economic Secretary to the HMT, has not planned a timeline for the next phase of crypto regulations in the nation.
The UK government aims to fast-track the approval of new regulations governing stablecoins and staking services for crypto assets within the next six months.
During an event hosted by renowned exchange Coinbase (NASDAQ:COIN) in London, Economic Secretary to His Majesty’s Treasury (HMT), Bim Afolami, expressed the government’s urgency to deliver these regulations swiftly, stating, “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.”
This push for legislation follows the HMT’s October 2023 pledge to provide more clarity on specific areas of the crypto industry by 2024. The initial commitment included a consultation on fiat-backed stablecoins.
Notably, the proposed regulations are expected to classify fiat-backed stablecoins and their issuers under existing payments law—a …
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