UK Announces Cryptocurrency Regulation
The UK plans to develop a comprehensive regulatory framework for the crypto industry by early 2025, CoinDesk reports.
"We intend to engage firms to work on draft regulations for a crypto asset regime, including stablecoins, as early as possible next year," Economy Secretary Tulip Siddiq said at the City & Financial Global Tokenization Summit.
Under the Conservatives, the Financial Services and Markets Act gave regulators the power to develop an industry framework and introduced a range of regulations for the sector.
According to Siddiq's plans, the government will introduce new rules for stablecoins regarding their use as a means of payment and maintaining a peg to fiat currencies.
It will also remove legal uncertainty around the classification of staking. Such transactions will not be considered collective investment schemes. #cryptonews