UK's 2025 Crypto Regulation Strategy Aims at Competing with Global Standards
by aria-crypto.com
November 23, 2024 at 07:28
UK's 2025 Crypto Regulation Strategy Aims at Competing with Global Standards
The UK is preparing to launch its own crypto-regulatory framework in 2025, aiming to rival the EU's Markets in Crypto Assets (MiCA) and accommodate the new administration's positive stance in the US. The new regulations will specifically address the unique roles of stablecoins and staking to promote growth while ensuring safety within the digital asset sphere. Stablecoins will be reclassified to receive tailored guidelines apart from traditional payment services, specifically enhancing their stability functions. Additionally, staking will be redefined as a technology service rather than a collective investment scheme, reducing regulatory burdens and fostering innovation. This strategic revamp comes as the UK attempts to not lag behind the EU and US, ensuring competitiveness in the global cryptocurrency market. Economic Secretary to the Treasury, Tulip Siddiq, has highlighted the necessity of these changes, especially considering previous delays and the current global political climate. Industry leaders have welcomed the move, emphasizing the need for the UK to stay abreast of European and American advancements to capitalize on financial opportunities in the trillion-dollar industry.
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