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UK Government Sets Ambitious Six-Month Timeline For Stablecoin and Staking Legislation

Twitter icon  •  Published il y a 2 mois  •  Nikolas Sargeant

Economic Secretary Bim Afolami asserts the UK's commitment to enact stablecoin and staking legislation within six months, signaling accelerated progress in crypto regulation.

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."

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.