""We aim to engage firms on draft legal provisions for the crypto asset regime including stablecoins as early as possible next year," Economic Secretary Tulip Siddiq said at City & Financial Global's Tokenisation Summit on Thursday, according to a copy of her speech obtained by CoinDesk."
"The announcement follows months of uncertainty about the government's plans for the industry following its election. The previous Conservative government had put in place measures to treat crypto as a regulated activity in the Financial Services and Markets Act and had said that more rules would be coming for stablecoins and staking providers."
"The new Labour government, elected in July, intends to implement its predecessor's crypto proposals on the creation of regulated activities, including operating a crypto trading platform and a market abuse regime, in full, Siddiq said. Under current plans, stablecoins will no longer fall under the U.K.'s payments regime. There will also be a carve out for staking to prevent it being treated like a collective investment scheme."
The U.K. will draft a regulatory framework for the crypto industry by early next year and plans to engage firms on draft legal provisions for stablecoins and staking. The rules will apply to stablecoins and staking services and aim to end months of industry uncertainty. Stablecoins will no longer fall under the U.K.'s payments regime. A carve-out for staking will prevent it being treated like a collective investment scheme. The new government intends to implement measures creating regulated activities, including crypto trading platforms and a market abuse regime. EU MiCA rules are already taking effect with cross-border passporting.
Read at Coindesk
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