The UK hopes to have new regulation governing stablecoins and staking services within six months
As reported by Bloomberg, the UK government expects new rules governing stablecoins and crypto asset staking services to be approved by lawmakers in the next six months.
Speaking at an event in London on February 19, Bim Afolami (Economic Secretary to the Treasury) said the government is “pushing very hard” for the new legislation to be passed before the next general election.
"We are very clear that we want these things to be done as soon as possible. And I think in the next six months, those things are doable," Afolami said.
In 2022, UK Prime Minister Rishi Sunak (then Chancellor of the Exchequer) pledged for the first time to make the UK a global hub for cryptoasset technology and pave the way for stablecoins to be used in the UK. United as a recognized form of payment, however, little progress has been made since then.
