In October 2023, The Bank of England and the Financial Conduct Authority (FCA) outlined comprehensive plans to oversee the crypto sector. The proposed timeline for stablecoin regulations involves a consultation on final rules by mid-2024, with the stablecoin regime expected to be implemented by 202.
Afolami's announcement indicates the UK's proactive stance in advancing crypto regulation, particularly in an election year where the governing Conservatives seek to navigate potential challenges from the Labour Party. When questioned about the broader timeline for crypto regulation beyond stablecoins and staking, Afolami expressed uncertainty, citing the extensive ongoing developments and stating, "There's just a huge amount going on, so I don't want to commit to that now."