The UK is set to unveil a comprehensive regulatory framework for cryptocurrencies, stablecoins, and crypto assets by early 2025. This announcement was made by Economic Secretary to the Treasury Tulip Siddiq during the Tokenisation Summit in London. Previously anticipated regulations were delayed due to a change in government following the recent general election. The Labour government, in power since July 5, 2024, aims to manage crypto regulation in a single phase to simplify the process. Siddiq highlighted that existing payment service regulations do not adequately cover stablecoins. The government plans to address legal uncertainties surrounding staking services, with an intention to not classify them as 'collective investment schemes.' The UK has struggled to establish a competitive regulatory environment for crypto compared to the EU's forthcoming MiCA regulation and the US's shifting policies. This approach reflects a need for clarity and a stable regulatory framework to attract the multibillion-dollar crypto industry, especially after the former Conservative government's failure to implement regulations earlier this year.

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