Coinspeaker
UK Faces Tight Deadline for Stablecoin and Staking Legislation Ahead of Upcoming Election
The UK government’s extensive plan to establish itself as a prominent cryptocurrency hub faces a pressing timeline. Economic Secretary Bim Afolami acknowledged on Wednesday that only stablecoin and staking secondary legislation will likely be implemented before the upcoming election.
“What I’m very confident we’ll be able to achieve is the secondary legislation around staking and stablecoins,” Afolami declared at the Financial Times Crypto and Digital Asset Summit. “Those two things are absolute priorities in the coming weeks and months.”
Stablecoins, digital assets linked to fiat currencies, offer a level of price stability absent in most cryptocurrencies. On the other hand, staking allows investors to earn rewards by committing their holdings to support a blockchain network’s operations.
These initiatives prioritize transparency
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