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.
The report quotes 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 “pushing very hard” to make the necessary regulations a reality.
Afolami is further quoted as saying that the rules designed to govern stablecoins and cryptocurrency could become law before the end of the year.
“We’re 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.”
On when the broader crypto regulations could be put in place outside of stablecoins and staking, Afolami says,
“Short answer is, I don’t know. There’s just a huge amount going on, so I don’t want to commit to that now.”
The report on the UK government’s plans on stablecoin and staking regulations comes months after the UK’s financial regulator, the Financial Conduct Authority (FCA), released new guidelines regarding the marketing of crypto assets. According to the FCA, the crypto promotion rules were aligned with existing rules for other high-risk investments.
“A central requirement of our financial promotion rules is that financial promotions must be fair, clear, and not misleading…
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.”
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