The British government plans to introduce legislation to regulate stablecoins and crypto staking.<\/p>\n
This move comes as President-elect Donald Trump lays out his plans to make the United States a global crypto hub, creating fresh competition for the UK to retain and attract digital asset businesses.<\/p>\n
According to a Bloomberg report<\/a>, the UK Treasury is drafting two legislative measures focused on stablecoins and an exemption requested by crypto providers to keep staking services separate from existing financial regulations.<\/p>\n The stablecoin laws will allow the Financial Conduct Authority (FCA) to consult with the industry on rule-making. On the other hand, staking will be reclassified to avoid being treated as a collective investment scheme, which would impose additional scrutiny.<\/p>\n The timing of these new ordinances coincides with Donald Trump\u2019s recent election victory, which has boosted confidence in the American crypto market.<\/p>\n Trump has made bold promises<\/a> to turn the U.S. into the world\u2019s leading crypto hub, pledging to fire SEC Chair Gary Gensler, create a Bitcoin reserve, and make the U.S. the central location for Bitcoin mining. His administration is reportedly already consulting <\/a>with industry leaders to shape these new policies.<\/p>\n With the U.S. moving quickly on crypto guidelines, British policymakers are concerned that startups in the sector may seek clearer and more favorable regulatory environments in other jurisdictions.<\/p>\n Speaking to the business publication, Laura Navaratnam, UK policy lead at the Crypto Council for Innovation, highlighted this worry:<\/p>\n \u201cThe UK has a real opportunity to capitalize on a second-mover advantage, but only if it can mobilize.\u201d<\/p>\n She added that the country is admittedly more behind than the Treasury and the regulators would\u2019ve ideally wanted.<\/p>\n Sources cited by Bloomberg indicate that the FCA is expected to outline a timeline for its approach to stablecoin regulation early next year. The authority\u2019s strategy will reportedly involve an initial consultation on stablecoins, followed by a phased plan to address other areas of the crypto market.<\/p>\n The government will also provide an update on developments in the digital securities sandbox, a real-time blockchain testing environment managed by the FCA and the Bank of England.<\/p>\n Stablecoin regulation was initially expected<\/a> to pass under former Prime Minister Rishi Sunak\u2019s administration over the summer as part of Sunak\u2019s plan to attract digital asset businesses to the country. However, they were delayed following a general election that saw Labour\u2019s Keir Starmer take power.<\/p>\n Last year, the\u00a0 UK Treasury also announced its intention to provide guidance on stablecoins and other specific areas of cryptocurrency in 2024. This followed a government consultation<\/a> on fiat-backed digital assets and the passing of the Financial Services and Markets Act in June 2023.<\/p>\n The post UK to Introduce Legislation on Stablecoins, Crypto Staking: Report<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The British government plans to introduce legislation to regulate stablecoins and crypto staking. This move comes as President-elect Donald Trump lays out his plans to make the United States a global crypto hub, creating fresh competition for the UK to retain and attract digital asset businesses. Stablecoin and Staking Legislation According to a Bloomberg report, […]<\/p>\n","protected":false},"author":0,"featured_media":20688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20687"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20687"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/20688"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Implementation Roadmap and Delays<\/h2>\n