As a seasoned crypto investor with a knack for keeping tabs on global regulatory developments, I must admit that the U.K.’s decision to delay and consolidate their crypto regulations is a bit of a double-edged sword. On one hand, it’s reassuring to see that they’re aligning with international standards, learning from the EU and the US. However, the delay could potentially leave the U.K. markets in a regulatory limbo, which might not sit well with the ever-evolving crypto industry.
In early 2025, it’s expected that the British government will reveal proposed guidelines for the cryptocurrency and stablecoin sectors, as per Bloomberg’s report.
As reported, the government led by Prime Minister Keir Starmer is planning to create a regulatory structure for the crypto sector, following trends seen in the European Union and the U.S. These details were shared by Tulip Siddiq, the Treasury Secretary, during a gathering in London.
The suggested structure aims to govern both stablecoins and crypto staking platforms with a unified, all-encompassing system of guidelines specifically designed for digital assets.
Previously, the British government intended to reveal their regulatory framework for stablecoins and cryptocurrencies by December 2024. This move was made in response to the possibility that an upcoming Donald Trump administration could have a favorable or supportive view towards cryptocurrencies.
UK regulatory bodies are examining the larger European Market as well, where the Markets in Crypto-Assets (MiCA) regulations, set to be enforced by the end of this year, will apply.
The Bank of England introduced its stablecoin regulatory plan in November last year.
As reported by Bloomberg, due to the shift in the U.K. government, the anticipated cryptocurrency-related laws are being postponed. In contrast, rather than two separate bills focusing on stablecoins and crypto staking, the forthcoming legislation will encompass a unified regulatory framework, often referred to as a “single overarching regime.
Since Donald Trump’s victory on November 5, 2016, there has been an accelerated growth of pro-cryptocurrency developments within the U.S. Some indicators of this trend are the appointment of a potential “crypto czar” at the White House and SEC Chair Gary Gensler’s intention to resign in January.
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2024-11-21 23:22