The U.K. government plans to unveil draft regulations for the crypto and stablecoin markets in early 2025, Bloomberg has reported.
According to the publication, Prime Minister Keir Starmer’s administration aims to establish a regulatory framework for overseeing the crypto industry, aligning with developments in the European Union and the United States, according to Tulip Siddiq, Secretary to the Treasury. Siddiq outlined the plans during a meeting in London.
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The proposed framework will regulate stablecoins and crypto staking services under a single, comprehensive set of rules for crypto assets.
Originally, the British government’s plans were to unveil the stablecoin and crypto regulation framework by December 2024. This came as the country looked to counter the potential impact of a positive or pro-crypto stance by the incoming Donald Trump administration.
U.K regulators are also looking at the broader EU market, whose Markets in Crypto-Assets or MiCA rules come into effect at the end of the year.
The Bank of England introduced its stablecoin regulatory plan in November last year.
According to Bloomberg, the U.K. is delaying the expected legislation after the change in government. However, instead of two drafts focused on stablecoins and crypto staking, the upcoming rollout will be for a “single overarching regime.”
The U.S. is flipping positive in terms of pro-crypto developments at a rapid pace since Trump’s election win on Nov. 5. Pointers to this direction include the move to have a White House ‘crypto czar’ and SEC Chair Gary Gensler’s announcement that he will step down in January.
Read more: Trump’s team vets for first White House crypto role