UK to Pass New Stablecoin Legislation in 6 Months

Reading Time: < 1 minute

According to Bloomberg, UK government officials are determined to pass new regulations for stablecoins and crypto staking services within the next six months, as stated by Bim Afolami, the country’s Economic Secretary to the Treasury.

This statement comes after the Treasury announced in August its plan for the Bank of England and the Financial Conduct Authority to jointly regulate stablecoins.

The government also intends to include the cryptocurrency sector under its financial regulations by requiring FCA authorization for crypto-related activities.

This has caused some crypto firms, such as Revolut and Bitfinex, to suspend their services in the UK. In response to these regulations, Coinbase has started implementing risk-acknowledgment forms for its UK users.

The strict marketing rules of the FCA have also been cited as a potential reason for some crypto companies, like Bittrex Global, to leave the UK market.