According to Economic Secretary to the Treasury Bim Afolami, the U.K. government anticipates seeing stablecoin and staking services legislation for the cryptocurrency sector within six months.
A similar schedule was revealed in October 2023 when the Financial Conduct Authority (FCA) and the Bank of England outlined their broad intentions for coordinating the supervision of the cryptocurrency industry. A minister from the United Kingdom has indicated that the nation will be introducing stablecoin laws and other crypto-related legislation this year.
According to a Bloomberg story, Bim Afolami, the Economic Secretary to the Treasury, stated that the United Kingdom government was “pushing very hard” to enact laws surrounding stablecoins and crypto staking services within the next six months.
“It’s extremely evident that we want to finish these tasks as quickly as possible. And I believe that within the next six months, those goals are achievable,” Afolami stated on Monday at a London event organised by cryptocurrency exchange Coinbase.
The Financial Conduct Authority (FCA) and the Bank of England unveiled their comprehensive plans in October 2023 for coordinating industry oversight of the cryptocurrency space. The stablecoin regulations schedule called for implementation of the stablecoin regime by 2025 and consultation on final rules by mid-2024.
The statement made by Afolami implies that the UK is moving forward with regulating cryptocurrencies during election year. The governing Conservatives may face pressure to approve particular legislation in order to achieve political traction since they are trailing the Labour Party in the polls.
Afolami responded, “There’s just a huge amount going on, so I don’t want to commit to that now,” when asked about a schedule for more extensive crypto regulation beyond stablecoins and staking.