When will there be crypto regulation in the UK?
In a surprise move, UK Deputy Finance Minister Bim Afolami announced that the country will introduce new regulations for the crypto industry in the next six months. The focus is particularly on stablecoins and staking services, as reported by the media outlet “Bloomberg”, among others.
When will regulation come in the UK?
Great Britain, previously known for its critical stance towards cryptocurrencies, is apparently planning a course correction. During an event organized by the Coinbase exchange, Afolami expressed optimism about the rapid implementation of new regulations:
«We will contribute to stablecoins and staking as quickly as possible. We are working hard on this issue. We will do everything we can to put the new rules into effect. We want to complete this issue within six months,” he explained.
Previous efforts by the UK government to regulate the crypto industry have manifested themselves in strict regulations and bans on crypto advertising in public places. Afolami, in turn, promises targeted regulation for stablecoins and staking services, but leaves the exact details open.
Coinbase follows events very closely
News of impending regulation raises questions upon questions about how it will affect the crypto industry and its players. Coinbase , which is one of the leading crypto exchanges offering Ethereum (ETH) for staking, is likely to be particularly vigilant about what restrictions it may face.
At a time when the crypto industry is facing regulatory challenges worldwide, the UK appears to be charting a new course. Nevertheless, uncertainties remain about how clear and unambiguous the new rules will ultimately be and to what extent they will support the UK government’s goal of making the country a major crypto hub.
