UK Aims to Establish New Stablecoin Regulations in Next Six Months: Bloomberg

UK Aims to Establish New Stablecoin Regulations in Next Six Months: Bloomberg

The UK government is actively pursuing the implementation of new regulations concerning stablecoins and crypto staking services within the next six months, stated Bim Afolami, the Economic Secretary to the Treasury, during an event organized by Coinbase. 

Bloomberg reported that Afolami emphasized the government’s commitment to completing these regulatory measures swiftly. 

While no specific date has been set for the next general election in the UK, it is mandated to occur by January 2025. 

UK Aims to Establish New Stablecoin Regulations in Next Six Months: Bloomberg

Afolami’s remarks follow the Treasury’s response to a consultation last August, where it was agreed that the Bank of England and the Financial Conduct Authority would jointly oversee systematic stablecoins.

In October 2023, the UK government unveiled proposals aimed at subjecting the crypto industry to financial regulations, including a mandate for firms to secure authorization from the Financial Conduct Authority (FCA) for crypto-related operations.

In response to this development, numerous crypto entities, such as Revolut and Bitfinex, opted to suspend their services in the UK.

Meanwhile, Coinbase initiated the requirement for its UK users to complete risk-acknowledgment forms starting from last month to ensure compliance with the FCA regulations.

Oliver Linch, a lawyer and CEO of crypto exchange Bittrex Global, highlighted the FCA’s rigorous marketing regulations as a deterrent for certain crypto players and a potential factor driving them to exit the jurisdiction.

Bittrex Global, facing regulatory challenges and a diminishing market share, announced its decision to wind down operations in November.

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