UK Crypto, Stablecoin Legislation Set For July This Year
Highlights
- By June or July of this year, the UK will pass new laws about stablecoins and cryptocurrency staking.
- Currently, the only regulations that crypto businesses must comply with in the UK are those about money laundering.
- Ahead of an upcoming general election, the UK government is under increasing pressure to deliver on specific commitments, therefore it wants to get new regulations governing stablecoins.
UK crypto and stablecoin laws will be implemented in full swing by July, according to the Economic Secretary Bim Afolami. The country’s new regulations come in light of the government’s attempt to make the country a crypto hub. The regulations could be in tandem with the global urge to regulate the crypto sphere better.
UK Crypto Regulations to be Implemented by July
By June or July of this year, the UK will pass new laws about stablecoins and cryptocurrency staking, trading, and custody. For the first time, several cryptocurrency asset-related operations will be covered, including managing exchanges and keeping track of client assets.
As of right now, crypto assets are governed by the Financial Conduct Authority (FCA) if they are used as property or underlying assets for regulated financial products or activities, like collective investment schemes.
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UK Crypto Laws to Be Implemented Before Elections
Currently, the only regulations that crypto businesses must comply with in the UK are those about money laundering. However, the new laws will now aim to regulate the larger diaspora altogether. The news from the UK coincides with a period of recovery for the cryptocurrency industry, as the biggest cryptocurrency in circulation, Bitcoin, saw significant losses in value during the previous year due to the FTX and other scandals.
Ahead of an upcoming general election, the UK government is under increasing pressure to deliver on specific commitments, therefore it wants to get new regulations governing stablecoins and staking services for crypto assets adopted by parliamentarians.
The first few countries to enact regulations mandating Bitcoin service providers to identify and halt illegal cryptocurrency use was the European Union. The United States is gradually moving toward regulation, but in the meantime, corporations, issuers, users, and regulators are occupied with court battles. Other nations have varied tax laws and classifications for cryptocurrencies.
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