UK Prepares for Major Crypto Regulatory Overhaul in 2025
by aria-crypto.com
November 21, 2024 at 21:18
UK Prepares for Major Crypto Regulatory Overhaul in 2025
The United Kingdom is on the brink of introducing a unified regulatory framework for cryptocurrencies, stablecoins, and crypto staking services, set to take effect in early 2025. The announcement, made by Economic Secretary to the Treasury Tulip Siddiq at City & Financial Global's Tokenisation Summit, indicates a shift towards simplified crypto regulation under the Labour government led by Prime Minister Keir Starmer. Originally planned for late 2024, the regulatory debut was postponed due to the recent governmental transition. This new framework is aimed at providing clarity and avoiding overly strict classifications, such as labeling staking services as "collective investment schemes." Siddiq’s presentation clarified that stablecoins would be regulated differently from traditional payment services, reflecting their unique functions in the crypto space. Additionally, the UK plans to keep pace with global crypto developments, including the European Union’s MiCA regulations and the pro-crypto policies of the United States. This regulatory movement strives to position the UK as a leading crypto hub, countering previous criticisms of stringent oversight by the Financial Conduct Authority and fostering growth in the multibillion-dollar digital asset industry.
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