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The British government plans to introduce legislation to regulate stablecoins and crypto staking. This move comes as President-elect Donald Trump lays out his plans to make the United States a global crypto hub, creating fresh competition for the UK to retain and attract digital asset businesses. Stablecoin and Staking Legislation According to a Bloomberg report, the UK Treasury is drafting two legislative measures focused on stablecoins and an exemption requested by crypto providers to keep staking services separate from existing financial regulations. The stablecoin laws will allow the Financial Conduct Authority (FCA) to consult with the industry on rule-making. On the other hand, staking will be reclassified to avoid being treated as a collective investment scheme, which would impose additional scrutiny. The timing of these new ordinances coincides with Donald Trump’s recent election victory, which has boosted confidence in the American crypto market. Trump has made bold promises to turn the U.S. into the world’s leading crypto hub, pledging to fire SEC Chair Gary Gensler, create a Bitcoin reserve, and make the U.S. the central location for Bitcoin mining. His administration is reportedly already consulting with industry leaders to shape these new policies. With the U.S. moving quickly on crypto guidelines, British policymakers are concerned that startups in the sector may seek clearer and more favorable regulatory environments in other jurisdictions. Speaking to the business publication, Laura Navaratnam, UK policy lead at the Crypto Council for Innovation, highlighted this worry: “The UK has a real opportunity to capitalize on a second-mover advantage, but only if it can mobilize.” She added that the country is admittedly more behind than the Treasury and the regulators would’ve ideally wanted. Implementation Roadmap and Delays Sources cited by Bloomberg indicate that the FCA is expected to outline a timeline for its approach to stablecoin regulation…

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Filed under: News - @ November 15, 2024 5:18 am