UK Prepares to Launch Comprehensive Crypto Regulation Early Next Year
by aria-crypto.com
November 22, 2024 at 13:16
UK Prepares to Launch Comprehensive Crypto Regulation Early Next Year
The UK is set to introduce a detailed regulatory framework for cryptocurrencies by early next year, announced Economic Secretary Tulip Siddiq. Addressing a recent conference in London, Siddiq revealed that this new regulation would encompass both stablecoins and staking services, aiming for a more unified regulatory environment. Previously anticipated regulations had been postponed due to the general election results, which brought in the Labour government. The delay has created some hesitation among companies considering investments in the UK, particularly with the impending EU Markets in Crypto-assets regulation. The government plans to clarify the legal status of staking services, which currently face the risk of being treated as collective investment schemes. This move is part of a broader effort to enhance the UK's competitive position against global jurisdictions like the USA, which under the prospective Trump administration, is actively enticing crypto businesses. Furthermore, the UK aims to resolve the issues around the classification of stablecoins, which will no longer be governed under existing payments services regulations.
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