Sunak Government Sets Summer Deadline for Crypto Clampdown

The United
Kingdom government revealed plans this week to push through long-awaited
cryptocurrency regulations within the next six months.

Speaking at
a cryptocurrency industry event in London this week, Bim Afolami, the Economic
Secretary to the Treasury, stated that the government aims to establish rules
on stablecoins and staking services by August.

Stablecoins
are cryptocurrencies pegged to traditional assets like the US dollar or pound
sterling to minimize volatility. Staking allows cryptocurrency holders to earn
rewards for helping validate blockchain networks.

“We’re
very clear that we want to get these things done as soon as possible. And I
think over the next six months, those things are doable,” said Afolami
during the Coinbase crypto event on Monday.

The move
comes after years of promises to regulate the multi-billion pound industry. In
October 2022, the Treasury pledged to provide guidance on stablecoins and
staking, but a concrete timeline was never set.

The UK government plans to get new rules governing stablecoins and staking services for crypto assets approved by lawmakers within the next six months, Economic Secretary to the Treasury Bim Afolami says https://t.co/W2v6NBbPwA

— Bloomberg (@business) February 19, 2024

Cryptocurrency
regulation
Regulation

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (

Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (