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UK plans to pass stablecoin legislation in the next six months

Regulation: UK plans to pass stablecoin legislation in the next six months

The United Kingdom government is in the process of approving new rules to oversee stablecoins, Bloomberg reports, citing statements from politician Bim Afolami.

Afolami allegedly said during a specialized meeting hosted by Coinbase in London, "There is certainly a need to get this done as soon as possible. I expect the stable coin law to be passed in the next six months."

Elliptic experts believe that fiat currency-linked stablecoins and their creators will be subject to oversight under current payment laws. This maneuver will allow the U.K.'s financial watchdog to determine the permissible types of assets backing stablecoin.

Tom Duff Gordon, #Coinbase's head of global policy, hinted at a possible new classification of cryptocurrency staking in the UK. He foresees a move away from its current classification as a collective investment.

When asked about the scope and timing of broader regulation of the cryptocurrency sector, Afolami refrained from giving a definitive answer. Apparently, oversight of cryptocurrency #exchanges and ancillary service providers remains a matter of speculation.

In 2022, UK Prime Minister Rishi Sunak proposed making the country a global cryptocurrency hub to attract more businesses working with digital assets. Since then, however, progress in regulating this market segment has been relatively sluggish.

A significant shift occurred in June 2023 when King Charles approved the Financial Services and Markets Act. Subsequently, the UK government encouraged cryptocurrency users to voluntarily disclose information about unpaid #taxes to avoid fines.

Earlier it was reported that the US Congress is preparing to pass a law related to stablecoins. In 2023, Tether has allocated $760,000 to support a stablecoin bill in the United States.

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