UK government to introduce crypto regulation bill by July
The document touches on aspects such as crypto exchange management, custodial services, and staking, among others
15.04.2024 - 13:35
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What’s new? The UK government intends to finalize a comprehensive regulatory framework for the cryptocurrency industry by July this year. According to Bim Afolami, the Economic Secretary, the bill addresses aspects such as crypto exchange management, custodial services as well as staking, among others. As recently as last year, Parliament said it was developing its own approach to regulating cryptocurrencies, different from the EU-wide Markets in Crypto-Assets (MiCA) regulation, to gain a competitive advantage.
What else is known? In 2023, the UK passed the landmark Financial Services and Markets Act, which laid the groundwork for stablecoins and cryptocurrencies in general to be treated as regulated financial activity.
Last February, the Bank of England and the Financial Conduct Authority (FCA) consulted on the topic of regulating stablecoin issuers. The central bank said it would supervise large vendors due to their potential impact on the financial system, in turn, the FCA was given the role of regulator of the wider crypto space.
The UK government, led by the Conservative Party under the leadership of Prime Minister Rishi Sunak, announced a plan to turn the country into a crypto hub. However, due to the upcoming elections, the outcome of which may result in the ruling party losing, officials’ time to implement this plan is very limited. As a result, some initiatives related to the crypto industry may be in limbo.
Afolami had already said in February that the government was pushing “very hard” for a law on stablecoins and staking. At the time, he noted, it was feasible in the next six months.
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Last year, the FCA approved only 4 out of 28 license applications from crypto companies, which some experts saw as a threat to Sunak’s plan to turn the country into a crypto hub.
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