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Plans for new rules and regulations for stablecoins and cryptocurrency staking in the United Kingdom (UK) are in the pipeline, according to a Bloomberg report.<\/p>\n
The report quotes<\/a> the Economic Secretary to the Treasury Bim Afolami as saying at an event organized by Coinbase crypto exchange in London that the UK government was \u201cpushing very hard\u201d to make the necessary regulations a reality.<\/p>\n Afolami is further quoted as saying that the rules designed to govern stablecoins and cryptocurrency could become law before the end of the year.<\/p>\n \u201cWe\u2019re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.\u201d<\/i><\/p>\n On when the broader crypto regulations could be put in place outside of stablecoins and staking, Afolami says,<\/p>\n \u201cShort answer is, I don\u2019t know. There\u2019s just a huge amount going on, so I don\u2019t want to commit to that now.\u201d<\/i><\/p>\n The report on the UK government\u2019s plans on stablecoin and staking regulations comes months after the UK\u2019s financial regulator, the Financial Conduct Authority (FCA), released new guidelines<\/a> regarding the marketing of crypto assets. According to the FCA, the crypto promotion rules were aligned with existing rules for other high-risk investments.<\/p>\n \u201cA central requirement of our financial promotion rules is that financial promotions must be fair, clear, and not misleading\u2026<\/i><\/p>\n These actions aim to support long-term economic growth in the UK by reducing the instances of loss of trust in financial services caused by customers not fully understanding the risk when purchasing crypto assets. Clearer and fairer promotions will enable consumers to be better informed to make appropriate decisions aligned with their needs and risk profile.\u201d<\/i><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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