The U.K. is set to implement a regulatory framework for the crypto industry by early next year, following months of uncertainty. Economic Secretary Tulip Siddiq announced plans to include stablecoins and staking services in these regulations, aligning closer to the European Union, which has already initiated its Markets in Crypto Assets (MiCA) regulations. The new Labour government seeks to build on the previous Conservative government's foundations laid by the Financial Services and Markets Act, ensuring proper regulatory oversight for crypto trading platforms and market abuse frameworks.
The U.K. plans to draft a regulatory framework for the crypto industry by early next year, providing much-needed clarity for stablecoins and staking services.
Economic Secretary Tulip Siddiq emphasized that engaging firms on the draft legal provisions for the crypto asset regime will begin as soon as possible next year.
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