⚡︎ OVER 3,000 OFFERS CLAIMED! ⚡︎

The UK is set to unveil stablecoin and crypto staking legislation this December, taking strides toward creating a balanced and comprehensive regulatory framework for digital assets.

Adjusting Crypto Staking Rules to Drive Innovation

According to a Thursday report by Bloomberg, the Treasury is set to direct the Financial Conduct Authority (FCA) to draft rules for stablecoins, which will help shape their role within the financial system.

Dante Disparte, Circle’s head of global policy, confirmed that stablecoin regulations are expected in the near future.

During a blockchain event with the Bank of England in October, Dante Disparte emphasized that “The UK is committed to stablecoin legislation.”

This statement reflects the UK’s effort to develop a leading framework for UK crypto regulation.

Crypto staking also forms a key part of the upcoming regulations. Under UK crypto regulation, staking—where crypto holders earn rewards by locking assets in blockchain networks—will be redefined.

The goal is to classify staking separately from traditional financial investments to avoid restrictions that could impede growth.

This approach seeks to keep crypto firms from relocating to more crypto-friendly jurisdictions.

The UK FCA disclosed in September that 87% of crypto firms had failed to secure licenses required under money laundering regulations, prompting backlash from the crypto community.

The regulator defended its strict crypto firm registrations, asserting that the measures protect the financial system’s integrity.

The Growing Importance of UK Crypto Regulation

In addition to stablecoin rules, the UK government is also addressing other digital asset categories to ensure that legal frameworks match the rapid changes in technology and market trends.

A related proposal introduced in Parliament in October suggests that digital assets should be classified as personal property.

This proposal, championed by Justice Minister Heidi Alexander, seeks to protect crypto asset owners from fraud and simplify ownership disputes.

“The need to protect owners from fraud and simplify ownership disputes” was emphasized by Alexander in her statement, underscoring the government’s commitment to safeguarding consumers in the crypto space.

The UK’s crypto sector is experiencing substantial changes, with firms like Bitget returning under new regulations.

After a six-month pause, the crypto exchange has relaunched its services in the UK, ensuring full compliance with the Financial Promotions Regime.

By partnering with Archax, a UK-regulated crypto custodian, Bitget is once again allowing users to trade crypto and access services for a range of digital assets.

However, the UK’s progress on crypto regulations faces ongoing scrutiny.

Industry figures have raised concerns about the pace of UK crypto regulation, especially as competitors like the EU and the US continue to progress.

The UK government has outlined its roadmap for a stablecoin regime, but it has yet to be fully implemented as of November.

The post UK to Introduce Stablecoin Regulations and Exempt Staking Services: Report appeared first on Cryptonews.

Leave a Reply

Your email address will not be published. Required fields are marked *

Responsible Gaming

Gambling can turn into an addiction and that’s why you should always make use of the responsible gambling tools made available to you by online operators to help you stay in control of the time and expenditure you invest in online gaming. By law, online operators licensed by the Gambling Commission of Great Britain must provide you with information about responsible gambling and it is their responsibility to create a legal, fair and reliable environment, where players can enjoy the thrill of an online casino. The Gambling Commission of Great Britain licenses and regulates businesses that offer gambling to persons in Great Britain. Our mission is to provide you with only the best online slots experience and that means only reviewing and recommending sites that are licensed to operate by the Gambling Commission.