The United Kingdom is poised to enact new legislation covering stablecoins and various crypto activities, including staking, trading, and custody. 

The forthcoming regulations, which are expected to be implemented by June or July 2024, mark a significant milestone as they bring digital assets, such as the operation of exchanges and the custody of customer funds, under regulatory oversight for the first time. 

This development follows the approval of the Financial Services and Markets Act in June 2023, which paved the way for cryptocurrencies to be treated as a regulated financial activity. 

Crypto Regulation Accelerates In The UK

UK Economic Secretary Bim Afolami reaffirmed the government’s commitment to fast-tracking cryptocurrency-related issues during the Innovate Finance Global Summit. Afolami emphasized that legislation is being developed quickly to finalize proposals for the new regulatory regime. 

The government aims to complete these efforts within the next six months, allowing a range of digital asset activities under the regulatory umbrella, including the operation of exchanges and custodial services. The Economic Secretary stated:

Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets, and other things, will come within the regulatory perimeter for the first time

Moreover, the UK Financial Conduct Authority (FCA) will soon launch a consultation on an authorization regime for digital asset companies. At the same time, the government plans to establish equivalence measures for overseas firms. 

The aim is to foster a regulated and supervised environment for the na

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Author: Ronaldo Marquez

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