UK Plans to Issue a Crypto Legislation in July
According to the Economic Secretary Bim Afolami, the UK is set to fully implement crypto and stablecoin laws by July.
This step is in line with the government’s efforts to establish the UK as a leading destination for the crypto industry.
These regulations align with the global trend of increasing regulation in the crypto space. By June or July of this year, the UK plans to pass new legislation that will cover stablecoins, as well as the staking, trading, and custody of cryptocurrencies.
This will be the first time that these operations will be regulated, including the management of exchanges and the safeguarding of client assets.
Currently, crypto assets in the UK are only regulated by the Financial Conduct Authority (FCA) if they are used as underlying assets for regulated financial products and activities, such as collective investment schemes. However, the new laws will aim to regulate the entire crypto industry.
