The British government is preparing to take major steps in regulating the digital assets sector, with Treasury Secretary for Economic Affairs, Bim Afolami, announcing plans to legislate by the end of July.
Afolami outlined this timeline during the Global Financial Innovation Summit, highlighting the government's commitment to creating a strong regulatory framework for cryptocurrencies.
The upcoming legislation aims to oversee a range of activities related to digital currencies, including stablecoins, cryptocurrency sharing, exchange and custodial services. Once these regulations are enacted, these activities will be subject to the regulatory environment for the first time, representing a new development in the UK’s approach to regulating cryptocurrencies.
The announcement follows the timeline laid out by Afolami earlier in February, where he announced the government's intention to complete secondary legislation for stablecoins within six months.
