Posted on Feb 19, 2024Read on

UK government plans to pass stablecoin and crypto staking laws within six months

According to Bloomberg, the British government plans to pass new regulations governing stablecoins and crypto asset staking services within the next six months. Economics minister Bim Afolami told an industry event on Monday that the UK government was "pushing hard" for the legislation. "We want to get these things done as quickly as possible. I think within the next six months, these things are doable," he said. The UK Treasury first pledged in October last year that it would provide more clarity on specific areas of cryptocurrency sometime in 2024. But broader rules governing cryptocurrency exchanges are still up in the air, and when asked whether the guidance might also become legislation this year, Afolami said he could not provide a timeline.