The UK is set to create a comprehensive regulatory framework to govern the crypto sector in early 2025.
Speaking at the Tokenization Summit in London on Thursday, Economic Secretary to the Treasury Tulip Siddiq confirmed that the new rules would include cryptocurrency and stablecoins, which are linked to a more stable asset such as a fiat currency. The news was first reported by Bloomberg.
The crypto industry hoped the regulation would exclude so-called “staking” services, in which investors lock up their tokens to support a particular blockchain in exchange for a small return – a bit like earning interest on cash savings. But Siddiq suggested there would be no special exclusions.
“It doesn’t make sense to me that staking services get this treatment,” Siddiq said. “The government intends to proceed accordingly to remove this legal uncertainty. »
The UK also recently introduced a new bill which, if passed, would grant greater legal protection to crypto assets such as Bitcoin and NFTs, designating them as “personal property” under the proposed law.