The UK government expects new regulations on stablecoins and betting services to be rolled out in the country within the next six months, said Economic Secretary to Her Majesty's Treasury (HMT), Bim Afolami.
Economic Secretary to Her Majesty's Treasury (HMT), Bim Afolami.
The government is focused on implementing the legislation this year as part of the overall push to achieve regulatory clarity for the crypto sector.
“We are very clear that we want to do these things as soon as possible. And I think in the next six months those things will be feasible, Afolami's comments come as observers point to the government's plans to have the crypto regulation regime in place before the election. While he could not provide a specific timeline for when he would expect broader crypto regulations,” Afolami said
The government's timeline for betting and stablecoin regulations appears to line up with steps taken in 2023 as the UK strives to become a global hub for cryptocurrency and blockchain innovation. Last year, the UK Parliament passed the Financial Services and Markets Bill. The Bank of England and the Financial Conduct Authority (FCA) also announced regulatory guidelines for stablecoins in October, with a consultation that will see the implementation of crypto rules starting in mid-2024.
