The UK government is planning to introduce new regulations for the oversight of stablecoins and cryptocurrency collateral services, with the aim of obtaining legislative approval within the next six months. The pressure to present specific proposals before the upcoming elections is mounting. Bim Afolami, the Economic Secretary to the Treasury, announced today that the government is “pushing hard” for legislation. He stated, “We are very clear that we want to get this done as quickly as possible. I think it’s feasible to achieve these objectives within the next six months.” The UK Treasury initially pledged in October of last year to provide clearer guidance on specific areas of cryptocurrencies by 2024. However, the broader proposal to incorporate crypto exchanges and other industry providers into existing financial services rules remains unresolved. When asked whether this guidance might also become legislation this year, Afolami stated that he could not provide a timetable.
