UK to Enact Crypto Legislation by July 2024, Covering Stablecoins, Staking, and Custody

Apr 15, 2024, 10:19 AM

The UK government has announced plans to introduce new legislation targeting the regulation of stablecoins and other cryptocurrency activities, including staking, exchange, and custody, by June or July 2024. Economic Secretary Bim Afolami emphasized that this move aims to position the UK to front run the USA in cryptocurrency regulation, potentially setting the stage for stablecoins to be recognized as legal tender. The legislation will cover new areas such as operating exchanges and the custody of customer assets for the first time.