The UK government plans to introduce new legislation to regulate stablecoins and crypto staking in response to growing competition from the U.S. under President-elect Donald Trump’s crypto-focused agenda.
The UK Treasury is drafting two measures: one for stablecoins and another to exempt crypto staking from existing financial regulations.
The stablecoin laws will allow the Financial Conduct Authority (FCA) to consult with the industry, while staking will be reclassified to reduce regulatory scrutiny.
This push comes as the U.S. accelerates its crypto policies, leading to concerns in the UK about digital asset businesses seeking more favorable regulations elsewhere.
The FCA will outline its stablecoin regulation approach early next year, with phased plans. Delays in stablecoin legislation occurred following political changes, but the UK Treasury is still aiming for guidance in 2024.
Image Credit: Pixabays
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
