UK Speeds Up Crypto Regulation Efforts For Global Hub Status

The UK is set for a shakeup in its cryptocurrency approach, with laws targeting stablecoins, staking, trading and asset custody.

The US and the UK are rushing to get stablecoins and cryptocurrency activities regulated as quickly as possible as elections for both countries creep closer.

By mid-2023, the UK is expected to launch substantial new laws targeting the regulation of stablecoins along with other cryptocurrency activities such as staking, trading, and custody.

Britain's last attempt, which included plans to create an NFT, ended in tears. Two years on, and there's another big challenge on the horizon.

Afolami underscored the pivotal role of regulatory clarity in maintaining the UK's global competitiveness in fintech, stating, “The cornerstone of our position as a world leader in fintech is the delivery of our regulatory regime for crypto assets and stablecoins.” He further emphasized the government's approach of striking a delicate balance between encouraging innovation and safeguarding consumer interests.