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Regulations have played an important role in the cryptocurrency industry. As the fervor around these assets has been rising, governments across the globe have been taking proactive steps to roll out laws. The United Kingdom, for instance, is on the verge of implementing compressive guidelines for both cryptocurrencies and stablecoins. This legislation is expected to make its debut by June or July 2024.
The Economic Secretary Bim Afolami spoke at the Innovate Finance Global Summit and noted the government’s strategy to subject a wide range of cryptocurrency activities to regulatory oversight for the first time. This includes staking, custody services, as well as exchange operations. He further pointed out the importance of finalizing the regulatory framework swiftly. He added,
“We are now working at pace to deliver the legislation to put our final proposals for our regime in place. Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets and other things, will come within the regulatory perimeter for the first time.”
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Going back to the foundation
Regulations and laws are not formed overnight in most cases. Similarly, the groundwork for this regulatory initiative was laid back in 2023. The pivotal financial markets bill paved the way for the regulated antidote of stablecoins and cryptocurrency. The Bank of England [BoE] along with the Financial Conduct Authority [FCA] have jointly engaged in formulating a regulatory framework. This was done by soliciting industry feedback and insights through consultations.
Additionally, many have pointed out how the increase in regulatory advancements around cryptocurrency coincides with the broader political uncertainty. The UK is scheduled for elections later this year. Therefore, the potential for a change in government raises queries regarding the continuity and execution of the prevailing crypto agenda. This could also pan out to be a momentous stride in the nation’s journey towards venturing into the cryptocurrency industry.
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