Plans for new rules and regulations for stablecoins and cryptocurrency staking in the United Kingdom (UK) are in the pipeline, according to a Bloomberg report.
The report quotes the Treasury Department’s economic secretary, Bim Afolami, saying at an event hosted by Coinbase crypto exchange in London that the UK government was “pushing very hard” to make the necessary regulations a reality.
Afolami further says that the rules designed to govern stablecoins and cryptocurrency could become law before the end of the year.
“We are very clear that we want to get these things done as quickly as possible. And I think those things are achievable in the next six months.
On when broader crypto regulations could be introduced beyond stablecoins and staking, Afolami says:
“The short answer is: I don’t know. There’s just a lot happening, so I don’t want to commit to that now.”
The report on the UK government’s plans for stablecoin and staking regulations comes months after the UK’s financial regulator, the Financial Conduct Authority (FCA), released new guidelines regarding the marketing of crypto assets. According to the FCA, the rules for crypto promotion were in line with existing rules for other high-risk investments.
“A central requirement of our financial promotion rules is that financial promotions must be fair, clear and not misleading…
These actions are intended to support long-term economic growth in Britain by reducing the incidence of loss of confidence in financial services caused by customers not fully understanding the risk involved in purchasing crypto assets. Clearer and fairer promotions will enable consumers to be better informed so they can make appropriate decisions tailored to their needs and risk profile.”
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