UK government is on the verge of updating its constraints, generally applicable for stablecoins and a variety of crypto-related services. These regulations will be considered from June itself and consequently, traders in the UK will have to follow the latest crypto laws normally for trading, staking and holding.
According to the Global Summit held at Innovate Finance on April 17, Bim Afolmi, the Finance Secretary, highlighted the progress made towards updating the regulatory framework for digital currencies and crypto-related services. Moreover, he said— “We are now working at pace to deliver the legislation to put our final proposals for our regime in place,”
This means the active participation of the government in getting the legislation up to the final draft of the updated regulatory proposal.
2023 Cryptocurrency Regulation In the UK
In 2023, the UK government passed a financial market bill that focused on granting officials regulating stablecoins and a variety of cryptocurrency activities as official financial services within the UK.
Additionally, in 2023, the financial organisation named the Financial Conduct Authority (FCA) and the Bank of England took active participation in drafting the regulatory guidelines and policies for stablecoins.
UK Regulatory Organizations: BOE and FCA
The Bank of England will be responsible for monitoring stablecoin issuers and regular crypto operations to prevent future threats to the UK financial system. The Financial Conduct Authority will be allowed to regulate the overall cryptocurrency market.
According to the Economy Secretary, Bin Afolami, the new law on stablecoins is expected to come into effect within the next six months.
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