2024-11-24 23:07 |
The UK is set to unveil a comprehensive crypto regulatory framework in early 2025, with plans to address oversight challenges for stablecoins, staking, and other digital asset services.
The announcement was made during the City & Financial Global Tokenisation Summit in London on Nov. 22, signaling the Labour government’s intent to streamline rules for the fast-evolving industry.
Stablecoins and stakingThe framework aims to streamline existing regulations and adapt them to cryptocurrencies’ unique characteristics. It will put particular emphasis on improving the rules around stablecoins and staking.
Stablecoins, traditionally governed under payment services rules, will be subject to a new set of guidelines designed to better align with their use cases, such as maintaining value stability tied to fiat currencies.
Meanwhile, the government intends to remove the legal uncertainty surrounding the classification of staking to avoid burdensome regulations that could hinder technological innovation.
The initiative comes as other jurisdictions, including the European Union and the United States, advance their own regulatory strategies.
The EU’s Markets in Cryptoassets (MiCA) framework is set to take effect by year-end, while the incoming Trump administration in the US is signaling a more favorable stance toward crypto businesses.
Remaining competitiveThe UK seeks to remain competitive in this rapidly evolving space. By aligning its approach with the industry’s needs, the government aims to attract investment and foster economic growth.
Many believe that failure to act could leave the country trailing global peers and missing opportunities in a sector poised to redefine finance.
With the draft framework expected in early 2025, the UK’s efforts highlight a broader shift toward integrating digital assets into mainstream financial systems.
The government’s approach is designed to encourage innovation while ensuring robust consumer protections, positioning the UK as a global leader in crypto regulation.
The post UK to introduce comprehensive crypto regulations in 2025 as global competition heats up appeared first on CryptoSlate.
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