According to Foresight News, The Block reported that the UK Treasury has amended the (Financial Services and Markets Act 2000) legislation to clarify that cryptocurrency pledges (an important component of proof-of-stake blockchains such as Ethereum and Solana) do not fall within the definition of a "collective investment scheme." The revised legislation was submitted to the UK Parliament on Thursday and will come into effect on January 31, 2025.
Participants in the U.K. cryptocurrency industry welcomed the change. Sebastian Higgs, co-founder of Cordial Systems, wrote on LinkedIn that the amendment represented significant progress.
