UK Intends to Implement a New Crypto Legislation This Summer

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During the Innovate Finance Global Summit, Economic Secretary Bim Afolami announced that the UK government plans to introduce legislation by June or July for stablecoins, crypto staking, exchange, and custody.

Afolami emphasized the speed at which they are working to finalize their proposals and put them into action. This will bring several crypto asset activities, such as operating an exchange and taking custody of customer assets, under regulatory oversight for the first time.

In 2023, the UK passed a significant financial markets bill that served as the foundation for treating stablecoins and crypto as regulated financial activities.

This was followed by consultations from local regulators, the Financial Conduct Authority and the Bank of England, on how to regulate stablecoin providers and the wider crypto space.