"The U.K. plans to draft a regulatory framework for the crypto industry by early next year, applying specifically to stablecoins and staking services."
"Economic Secretary Tulip Siddiq stated that draft legal provisions for the crypto asset regime will be presented to firms as soon as possible."
"The new Labour government intends to enact the previous Conservative administration's proposals for regulating crypto activities, including trading platforms and a market abuse regime."
"Stablecoins will no longer be classified under the U.K.'s payments regime, and there will be specific provisions for staking."
The U.K. will draft a regulatory framework for the crypto industry by early next year, focusing on stablecoins and staking services. This initiative follows a period of uncertainty in the sector. Economic Secretary Tulip Siddiq indicated that firms will be engaged on draft legal provisions promptly. The Labour government aims to implement its predecessor's proposals for regulated activities, including crypto trading platforms and a market abuse regime. Additionally, stablecoins will not be classified under the payments regime, and staking will be exempt from collective investment scheme regulations.
#crypto-regulation #uk #stablecoins #european-union #legislative-process #uk-finance #economic-policy #eu-crypto-laws #uk-crypto-policy #stability #uk-crypto-regulations #staking-services #eu-mica #financial-regulation
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