Prospects for Crypto in the UK: New Legislation - on the Horizon!
Date: 2024-04-16 Author: Gabriel Deangelo Categories: IN WORLD
UK Economy Minister Bim Afolami has announced the country's intention to introduce new legislation on crypto and stablecoins by June or July this year, highlighting the government's commitment to making the UK a world leader in cryptocurrencies.
The Path to Regulation
In 2023, the UK passed key financial markets legislation, laying the groundwork for the regulation of stablecoins and Crypto in general. Now local regulators, including the Financial Conduct Authority and the Bank of England, are working to flesh out the rules and regulations.
Introduction of the Regulatory Regime
The new law is expected to give government authorities the ability to regulate various aspects of cryptocurrency transactions, including the operation of exchanges, custody of client assets and other aspects.
The government has expressed its commitment to implementing its plans within the next six months, demonstrating the UK's determination to establish its position in the global cryptocurrency space.
While the ruling Conservative Party has expressed ambitions for cryptocurrencies, upcoming elections this year could impact their plans, while the Labor Party is frontrunner for potential changes to crypto regulation.
