According to Cointelegraph, the United Kingdom plans to pass new laws regulating stablecoins and crypto staking. The new regulations are expected to be introduced within the next six months.
Bim Afolami, an economic secretary to the treasury, mentioned at a Coinbase-hosted crypto event in London on February 19, 2024, that the government was working to ensure the new legislation was passed ahead of this year’s general election.
“We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable,” as per insights from Bloomberg.
Sources revealed that the commission pushed for the creation of a new “distinct” category of personal property to accommodate for and protect the unique features offered by digital assets. Furthermore, the government was suggested to bring common law analysis of crypto assets and establish an industry-specific panel of technical experts, academics, and legal practitioners to advise courts on crypto-related legal issues, concluded Cointelegraph.
(With insights from Cointelegraph)
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