UK to Finalize Crypto Regulations by 2026 as 7 Million Britons Own Cryptoassets

Nov 26, 2024, 11:01 AM

The UK government plans to publish a finalized set of rules for regulating the cryptocurrency industry by 2026, in an effort to keep pace with developments in the US and the European Union. Keir Starmer's government will draft a regulatory framework to oversee the crypto sector early next year, according to a senior minister. Meanwhile, the UK is rolling out new crypto rules this month, focusing on stablecoins and staking, as the EU's Markets in Crypto-Assets (MiCA) framework takes effect. MiCA-compliant stablecoins such as EURØP, USDQ, and EURQ have been launched and are now trading on exchanges like Bitfinex and Kraken. The Financial Conduct Authority (FCA) reports that crypto ownership continues to rise in the UK, with an estimated 7 million UK adults now owning cryptoassets. The FCA aims to bring more controls to the market next year.