30s Summary

The UK is planning to establish a set of rules for the crypto industry by the start of next year, according to Economic Secretary, Tulip Siddiq. The laws will address stablecoins and staking services, with stablecoins exiting the nation’s payment domain and regulations for staking being introduced. These plans have been anticipated since the Labour government came into power, with the previous administration treating crypto as a regulated activity under the Financial Services and Markets Act.

Full Article

Here’s some really cool news for you! The United Kingdom is all set to bring in some clarity to the crypto industry by laying down a set of rules by the start of next year. Tulip Siddiq, the Economic Secretary, confirmed this at a conference. This means an end to all the head-scratching uncertainty that crypto businesses have been experiencing for a while now. The new laws will cover stablecoins and staking services.

Stablecoins will exit the U.K.’s payments domain. Also, rules to control staking will be added to ensure it is not treated like a group investment plan.

For some months now, crypto enthusiasts and businesses have been eagerly waiting for the Labour government’s crypto plans after they came to power in July. Under the previous government, crypto was treated as a regulated activity under the Financial Services and Markets Act. They also hinted at introducing more rules for stablecoins and staking providers.

All we are waiting for is a word from the Treasury. So, this is an interesting space to watch out for!