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UK government set for crypto regulations next year, officials says
The newly formed government of the UK will advance the cryptocurrency regulations after being delayed due to the general elections this July. Keit Starmer from the Labour Party has been elected as Prime Minister.
Tulip Siddiq, economic secretary to the UK Treasury and City Minister, said that stablecoin would not be regulated under the existing payment services act. The digital currency of stablecoin — pegged by fiat money — would be included in new regulations that are expected to be drafted in early 2025.
"Doing everything in a single phase is simpler and it just makes more sense," Siddiq said, according to Bloomberg on Nov. 21, at City & Financial Global's Tokenisation Summit in London.
The development of this legislation product has made crypto industries step aside from Mother England. While other European countries, including regional organizations such as the European Union (EU), have implemented these kinds of regulations in the middle of the year.
EU has implemented Markets in Crypto-assets (MiCA) regulations this year, which provides a comprehensive regulatory framework for better consumer protections and financial stability in the region.
France, Switzerland, and Liechtenstein are examples of other European nations that have already implemented specific regulations for cryptocurrency in the country.
Growing crypto industry in the UK
The long-awaited regulations are important to advance due to the growing number of markets in Great Britain. Approximately 2.5 million adults in the UK own the cryptocurrency, about 5% of the population.
Market size and trading volume also gain a massive amount, around $170 billion and $8.5 billion, respectively. The venture capital also boosts the industry with over $1.9 billion in funding into crypto and blockchain startups in 2022.
UK was also one of the countries considering implementing Central Bank Digital Currency (CBDC) or Digital pound. The latest information says this development is in the design phase by the Bank of England and is being discussed with the industry.