Stablecoin

2024

Bank

DeFi

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 The British government is reportedly planning to introduce new crypto regulations by December 2024 to retain crypto companies drawn to the pro-crypto policies emerging in the U.S. under President-elect Donald Trump.
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According to<a href="https://www.bloomberg.com/news/articles/2024-11-14/uk-to-spell-out-crypto-plans-as-startups-eye-us-trump-benefits" rel="noopener noreferrer nofollow"> Bloomberg</a>, the U.K. Treasury is preparing two key legislative measures aimed at crypto assets. One will focus on regulating stablecoins, while the other will introduce adjustments to exempt crypto staking from certain financial rules.
The proposed legislation is expected to empower the Financial Conduct Authority (FCA) to establish specific regulations on stablecoins, and it aims to reduce regulatory scrutiny on staking by classifying it outside the framework of traditional investment schemes.
While the FCA has not yet confirmed a timeline, a spokesperson revealed plans to release a roadmap detailing its phased approach to regulating stablecoins and other crypto assets. The FCA is also expected to provide updates on the U.K.’s digital securities sandbox, a blockchain testing initiative in collaboration with the Bank of England.
The previous government, led by Rishi Sunak, had set a goal of<a href="https://www.gov.uk/government/news/government-sets-out-plan-to-make-uk-a-global-cryptoasset-technology-hub" rel="noopener noreferrer nofollow"> establishing</a> the U.K. as a global leader in the crypto industry and claimed that it would prioritize stablecoin regulations.
Notably, in October, Dante Disparte, the head of global policy at stablecoin issuer Circle,<a href="https://www.cnbc.com/2024/10/23/uk-to-introduce-stablecoin-law-in-months-circles-dante-disparte.html" rel="noopener noreferrer nofollow"> predicted</a> that the U.K. would legislate on stablecoins within a few months. He emphasized the significant market capitalization of the sector, which recently reached $170 billion, and noted that the country risks missing out on the benefits of this technology.
Meanwhile, the FCA has consistently upheld strict registration standards for crypto firms. Val Smith, FCA Head of Payments and Digital Assets,<a href="https://defi-planet.com/2024/10/fca-stands-firm-on-crypto-registration-rules-rejects-claims-of-hindering-innovation/" rel="noopener noreferrer nofollow"> defended</a> these high standards as essential for a sustainable digital asset industry, arguing that rapid growth on an unregulated foundation is unsustainable. Smith also noted the FCA’s collaborative efforts with government, industry, and international stakeholders to ensure a secure and stable crypto sector in the U.K.
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The post <a href="https://defi-planet.com/2024/11/u-k-plans-new-stablecoin-and-staking-laws-to-retain-crypto-firms/" rel="noopener noreferrer nofollow">U.K. Plans New Stablecoin and Staking Laws to Retain Crypto Firms</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

U.K. Plans New Stablecoin and Staking Laws to Retain Crypto Firms

DeFi Planet

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