$DOGE $XRP $PEPE The United Kingdom plans to develop a comprehensive regulatory framework for the crypto industry by the beginning of 2025. This was reported by CoinDesk. The Labour government that came to power in July intends to fully implement the plans of its predecessors regarding the regulation of digital assets, it explained. Under the Conservatives, the Financial Services and Markets Act defined the powers of regulators to develop the industry's framework and introduced a number of regulatory requirements for the sector.

According to the plans voiced by Siddiq, authorities will introduce new rules for stablecoins regarding their use as a means of payment and maintaining their peg to fiat currencies. Legal uncertainty regarding the classification of staking will also be eliminated. Such operations will not be considered collective investment schemes.

It should be noted that the previous Prime Minister Rishi Sunak aimed to turn the country into a global crypto hub to support financial innovation.