According to Minister Bim Afolami, the British government is making an “extremely hard” effort to enact crypto-specific laws.
Within the next six months, the UK hopes to enact new regulations that will govern crypto staking and stablecoins.
According to Bloomberg, Economic Secretary to the Treasury Bim Afolami said at a Coinbase-hosted crypto event in London on Feb. 19 that the government is making every effort to adopt the new law before this year’s general election.
When asked for further specifics about the long-awaited crypto policy, Afolami stayed silent. “The brief response is that I am uncertain. There is simply so much going on that I do not wish to make a commitment at this time,” he explained.
British Prime Minister Rishi Sunak said in 2022 that the nation aspires to become a “global crypto center,” emphasizing the importance of crypto companies having the ability to “invest, develop, and grow up” in the UK.
Despite several calls for clearer regulations from crypto companies based in the UK, regulators have failed to make much headway since then.
The United Kingdom Law Commission released four significant proposals to change domestic regulations around cryptocurrency usage and ownership on July 3.
The panel advocated for the establishment of a new “distinct” class of private property in order to account for and safeguard the special characteristics of digital assets.
Concurrent with this drive was the suggestion that the government conduct a common law examination of cryptocurrency assets and form a group of academics, legal practitioners, and technological specialists to advise the courts on cryptocurrency law.
After announcing its intention to bring additional crypto-specific regulations in 2024 on October 30, 2023, the British government shifted responsibility for regulating fiat-backed stablecoins to the Financial Conduct Authority (FCA).
Common expectation is that the United Kingdom will have its general election in the latter part of this year, and preparations are underway for that event. The country’s Labour Party, often seen as less crypto-friendly, is now winning the early voting.
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