UK Sets Deadline for New Crypto Regulatory Framework

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The UK government intends to set up a thorough regulatory system for cryptoassets by July’s end, as disclosed by the Economic Secretary to the Treasury, Bim Afolami. This revelation was shared at the Innovate Finance Global Summit, indicating a major move toward regulated cryptocurrency management in the UK.

Afolami highlighted that the upcoming law will cover various cryptocurrency transactions such as exchanges and safekeeping of assets. The intention behind this is to oversee these activities under regulation, signifying a significant shift in the UK’s strategy for handling the digital currency market.

@BimAfolami, the MP and Economic Secretary to HM Treasury, has announced that legislation is being drafted to oversee #stablecoins and #staking. The government aims to conclude discussions on this matter by their summer break, which falls on July 24th.

— Subjective Views (@subjectiveviews) April 15, 2024

Furthermore, the new law intends to clarify the regulatory framework for stablecoins and other digital asset businesses. The aim is to strengthen investor security and ensure market resilience.

Additionally, the government’s efforts towards legislation align with Prime Minister Rishi Sunak’s earlier expressed intentions to make the UK a leading player in cryptocurrency. This initiative is an extension of a strategy initiated with the Financial Services and Markets Bill earlier in the year, which sets the foundation for regulatory progress in the rapidly evolving crypto finance sector.

Through enforcing these rules, the UK intends to create a safe and prosperous condition for investors and businesses involved in cryptocurrencies.

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2024-04-15 22:28