PANews, November 22 - According to Bloomberg, a senior UK minister stated that the UK government will draft a regulatory framework to oversee the cryptocurrency industry early next year, in order to keep pace with developments in the sector in the US and Europe. UK Treasury Economic Secretary Tulip Siddiq said at a meeting in London on Thursday that stablecoin and staking service rules will become part of a single overall framework for crypto assets. It was previously expected that legislation in these two areas would be passed by the previous Conservative government this summer, but the election disrupted the legislative process.
Siddiq said: "It is simpler and more meaningful to concentrate all work into one phase." Her Labour Party won a landslide victory in the elections in July. Siddiq stated that under the new government's plans, stablecoins will no longer be subject to the existing payment services regulation in the UK, as it is not appropriate based on their 'current use'.