UK plans to regulate Stablecoins and Crypto staking
British state officials are drafting a plan to regulate stablecoins and exempt staking services to enhance the nation’s attractiveness.
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The British government intends to implement crypto regulations by December. Bloomberg learned that the Treasury is focused on stablecoins and amending existing rules to exempt cryptocurrency staking from specific financial regulations.
The UK may also be looking to modify its stablecoin regime to stay up with other jurisdictions that have already laid out their regulatory proposals. The most notable illustration of this is the Markets in Crypto Assets (MiCA) regulation in the European Union.
This is particularly true if stablecoins are granted e-money status, in such a case comparability between the UK’s system and MiCA would be crucial for companies wishing to conduct business and facilitate transactions between the two jurisdictions.
The country’s financial regulator, the Financial Conduct Authority, will be able to create stablecoin regulations thanks to the anticipated legislation.
According to sources, the strategy also aims to redefine staking outside the purview of conventional investment schemes, avoiding further examination.
The FCA will shortly publish a roadmap outlining its phased approach to regulating stablecoins and other cryptocurrency assets, though a precise timeline is still unknown
Justice Minister Heidi Alexander emphasized the need to shield owners from fraud and streamline ownership disputes when she introduced a proposal in Parliament last month to recognize digital assets as personal property. The former Conservative government, spearheaded by Rishi Sunak, had outlined objectives to establish the U.K. as a global pioneer in the cryptocurrency realm, including stablecoin regulation
Nevertheless, following the switch to the current Labour government, there has been a reduction in the spotlight on cryptocurrency regulation.
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