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Reports

UK stablecoin and staking regulation likely within six months: Report

Wednesday 21 de February 2024 / 12:00

2 minutos de lectura

(London).- The UK government expects the country’s stablecoin and staking legislation within six months. Economic Secretary to His Majesty’s Treasury (HMT), Bim Afolami, said this during an event hosted by Coinbase in London.

UK stablecoin and staking regulation likely within six months: Report

The UK government expects new regulations on stablecoins and staking services to roll out in the country within the next six months, Economic Secretary to His Majesty’s Treasury (HMT), Bim Afolami, has noted.

According to a Bloomberg report, the government is focused on having the legislation in place this year as part of the overall push for regulatory clarity for the crypto sector.

“We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable,” Afolami said during an event hosted by Coinbase in London.

Afolami’s comments come as observers point to the government’s plans to have the crypto regulation regime in place before the elections. While he could not provide a specific timeline on when to expect the broader crypto regulations, Afolami agreed that “there’s just a huge amount going on.”

UK’s push for crypto regulation

The government’s timeline for stablecoin and staking regulations looks to align with steps taken in 2023 as the UK pushes to be a global hub for crypto and blockchain innovation. 

Last year, the UK parliament passed the Financial Services and Markets Bill. The Bank of England and the Financial Conduct Authority (FCA) also announced regulatory guidelines for stablecoins in October, with a consultation setting up implementation of the crypto rules starting in mid-2024.

As CoinJournal reported in October, the targeted stablecoin regulation focuses on the fiat-backed tokens’ use in payment chains as well as their issuance and custody.

Categoría:Reports

Tags: Sin tags

País: United Kingdom

Región: EMEA

Event

GAT EXPO CARTAGENA DE INDIAS 2024

09 de April 2024

Successful presentation of R. Franco and R. Franco Digital on the 25th anniversary of GAT Expo Colombia

(Madrid).- R. Franco and R. Franco Digital once again aroused great interest among operators at GAT Expo Colombia with their latest developments and products fully adapted to the Latin American market.

Friday 19 Apr 2024 / 12:00

The challenge of promoting gender equality within the sector, a topic of debate at GAT

(Cartagena, SoloAzar Exclusive).- “Women promoting the industry as a challenge,” was the topic of a panel organized by ASFEG, the Women's Gaming Association, at the recent GAT EXPO 2024. Speakers talked about female participation in the gaming industry, analyzed the current scenario and shared inspiring message for women in order to achieve gender equality.

Friday 19 Apr 2024 / 12:00

Fast Track pushes innovation and customisation in the iGaming industry at GAT Expo 2024

(Cartagena de Indias, Exclusive SoloAzar) - At GAT Expo Cartagena 2024, Fast Track stood out with its innovative CRM solutions designed specifically for the iGaming industry. Muriel Le Senechal, Solutions Consultant at Fast Track spoke about her good experience at the show, the exceptional feedback at Fast Track's booth, which impressed visitors with its real-time data integration and AI and finally reflected on GAT's 25th anniversary as an evolution in the Latin American gaming industry.

Thursday 18 Apr 2024 / 12:00

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