Minister Bim Afolami stated that the British government is actively working towards adopting new cryptocurrency legislation.
United Kingdom on track to regulate stablecoins and crypto bets
The government of the United Kingdom is actively seeking approval for legislation that would regulate stablecoins and cryptocurrency bets, with expectations that new laws will be approved within the next six months.
Bim Afolami, Economic Secretary to the Treasury, at a cryptocurrency conference hosted by Coinbase in London on February 19, stated that the government is aiming to approve new legislation ahead of the upcoming general elections, as reported by Bloomberg.
Afolami was cautious and did not provide detailed information on the expected crypto regulation. "I cannot provide exact information... There is a lot happening, and at this point, I do not want to commit to any specific timeline," he said.
In 2022, British Prime Minister Rishi Sunak pledged that the United Kingdom would become a "global center for cryptocurrencies," emphasizing the opportunity for crypto firms to invest, innovate, and grow in the United Kingdom.
However, little progress has been made in cryptocurrency regulation in the United Kingdom so far, despite repeated calls for clear regulations from cryptocurrency companies operating in the country.
On July 1, the British Law Commission published four main recommendations for reforming domestic laws related to the use and ownership of cryptocurrencies, including creating a new category of personal property for digital assets. Additionally, it was recommended that the government analyze cryptocurrencies under common law and establish a panel of experts to advise courts on cryptocurrency-related matters.
On October 1, 2023, the government announced plans to introduce specific regulation for cryptocurrencies, including regulation of stablecoins under the oversight of the Financial Conduct Authority (FCA) in 2024.
With the upcoming general elections expected in the second half of the year, and the leading position of the Labour Party in public opinion polls, which is traditionally considered less favorable to cryptocurrencies, the situation regarding crypto regulation may continue to evolve.
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