Regulation
Crypto Regulation Push Accelerates in UK: Bloomberg
Crypto Regulation Push Accelerates in UK: Bloomberg
With the government The Conservative Party lags behind in the polls, the UK government is rushing to pass crypto legislation before the next general election. Economic Secretary Bim Afolami said the government aims to enact laws on stablecoins and crypto staking within 6 months.
Speaking at a Coinbase event on Monday, Afolami said, “We are pushing very hard” on the legislation and consider it “doable” in this accelerated timeline. His remarks come after the Bank of England and the Financial Conduct Authority announced coordinated supervision plans last October.
The push for crypto rules aims to deliver on years of promises to make the UK a “global crypto hub” – wishes first made by Prime Minister Rishi Sunak in 2022. But concrete progress has lagged so far, even after the UK Law Commission published several key recommendations last July. These included the creation of a new legal category for digital assets.
With Labor currently favored to win the next election, the window for the Conservatives to establish their vision for crypto may be closing. Afolami admitted that he could not commit to a timetable for comprehensive crypto legislation given the broad scope of the issues involved.