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British officials are reportedly working on a plan to regulate stablecoins and exempt staking services, aiming to strengthen the country’s appeal amid U.S. regulatory shifts.
The British government plans to roll out crypto regulations by December, aiming to retain firms tempted by a <a href="https://crypto.news/btc-reserve-senator-to-push-the-bill-trumps-first-days/" target="_blank" rel="noopener noreferrer nofollow">pro-crypto stance</a> in Trump’s U.S. The Treasury is particularly expected to introduce two pieces of legislation, focusing on <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoins</a> and adjusting current regulations to exclude crypto <a href="https://crypto.news/tag/staking/" target="_blank" rel="noopener noreferrer nofollow">staking</a> from certain financial rules, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-14/uk-to-spell-out-crypto-plans-as-startups-eye-us-trump-benefits" target="_blank" rel="noopener noreferrer nofollow">has learned</a>, citing sources close to the matter.
The expected legislation will allow the Financial Conduct Authority, the country’s financial regulator, to draft rules on stablecoins. The approach also intends to redefine staking outside the remit of traditional investment schemes, sparing it from added scrutiny, sources say.
While an exact timeline remains uncertain, insiders indicate that the FCA will soon release a roadmap detailing its phased approach to regulating stablecoins and other crypto assets. Additional updates are expected on the U.K.’s digital securities sandbox, a joint blockchain testing initiative with the Bank of England.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/the-uk-has-to-get-its-crypto-house-in-order-opinion/"> The UK has to get its crypto house in order | Opinion </a>
In October, Dante Disparte, Circle’s head of global policy, <a href="https://crypto.news/uk-to-introduce-stablecoin-legislation-within-months/" target="_blank" rel="noopener noreferrer nofollow">suggested</a> that the U.K. would legislate on stablecoins within months, highlighting the sector’s recent $170 billion market cap. That same month, a proposal was <a href="https://crypto.news/uk-presents-bill-to-recognize-crypto-as-personal-property/" target="_blank" rel="noopener noreferrer nofollow">introduced</a> in Parliament to recognize digital assets as personal property, with Justice Minister Heidi Alexander emphasizing the need to protect owners from fraud and simplify ownership disputes.
The former Conservative government, led by Rishi Sunak,&nbsp;<a href="https://crypto.news/uk-wants-to-be-a-global-hub-for-crypto-but-will-it-happen/" target="_blank" rel="noopener noreferrer nofollow">had outlined plans</a>&nbsp;to make the U.K. a global leader in the crypto space, including regulatory oversight of stablecoins.&nbsp;However, since the switch to the&nbsp;<a href="https://crypto.news/what-return-to-labour-could-mean-for-crypto-policy-in-uk/" target="_blank" rel="noopener noreferrer nofollow">current Labour government</a>, there has been less emphasis on crypto regulation.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitget-re-enters-uk-market-with-local-rules-compliance/"> Bitget re-enters UK market with local rules compliance </a>

UK government to introduce legislation on stablecoins, staking: report

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