UK Government Plans to Bring New Rules for Stablecoins, Crypto Staking in Next Six Months
The UK government plans to get new rules governing stablecoins and staking services for cryptoassets approved by lawmakers within the next six months as pressure ratchets up to deliver on specific proposals ahead of an impending general election. Economic Secretary to the Treasury Bim Afolami, speaking at an industry event hosted by Coinbase in London on Monday, said the government was “pushing very hard” on making legislation happen. “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,” Afolami said. The Treasury first pledged in October to provide more clarity on specific areas of crypto by some point in 2024. That commitment followed an earlier consultation on fiat-backed stablecoins — digital tokens that use reserves of assets to maintain a one-to-one value with a traditional currency like the dollar or pound — and the passing of the larger Financial Services and Markets Act last summer. Market observers like blockchain analytics firm Elliptic have said they expect to see …