By the middle of this year, the British authorities intend to implement fresh rules governing stablecoins and various crypto-related activities, including staking, trading platforms, and digital asset storage.
At the Innovate Finance Global Summit this week, Economic Secretary Bim Afolami shared updates on the significant strides being taken to set up a complete regulatory structure. He highlighted the government’s determination to expedite the legislative process and pass the remaining bills that will officially implement the new regulatory plans.
For the first time, regulatory authority will be applied to cryptocurrency transactions such as exchanges and custodial services once this law takes effect.
@BimAfolami, the MP and Economic Secretary to HM Treasury announces that laws are being drafted to control stablecoins and staking. He aims to conclude discussions on these proposals by their summer break, which falls on July 24th.
— Subjective Views (@subjectiveviews) April 15, 2024
In the previous year, the U.K. passed a substantial law regarding financial markets, paving the way for the regulation of stablecoins and wider cryptocurrency activities as financial services within the country. The Financial Conduct Authority (FCA) and the Bank of England (BoE) shared their knowledge in the early stages of last year to help establish the regulatory framework for stablecoins.
The Bank of England (BoE) will oversee companies dealing with stablecoins that could potentially cause significant disruptions to the financial system. On the other hand, the Financial Conduct Authority (FCA) will be in charge of regulating the broader cryptocurrency market. Furthermore, it was announced in February by Afolami that new laws focusing on stablecoins were being drafted and should be completed within the next six months.
The U.K. has been making gradual strides in crypto adoption through recent regulatory and legislative actions. Notably, the London Stock Exchange (LSE) started accepting applications for listing Bitcoin and Ethereum exchange-traded notes (ETNs) last week.
Institutions can now access the cryptocurrency market through ETNs, similar to Bitcoin ETFs in the United States. Trading commences on May 28.
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2024-04-15 20:00