UK crypto and stablecoin laws will be implemented in full swing by July, according to the Economic Secretary Bim Afolami. The country’s new regulations come in light of the government’s attempt to make the country a crypto hub. The regulations could be in tandem with the global urge to regulate the crypto sphere better.
UK Crypto Regulations to be Implemented by July
By June or July of this year, the UK will pass new laws about stablecoins and cryptocurrency staking, trading, and custody. For the first time, several cryptocurrency asset-related operations will be covered, including managing exchanges and keeping track of client assets.
As of right now, crypto assets are governed by the Financial Conduct Authority (FCA) if they are used as property or underlying assets for regulated financial products or activities, like collective investment schemes.
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