U.K. to unveil crypto, stablecoin rules early next year

According to Bloomberg, the UK government plans to announce draft regulations for crypto and stablecoin markets in early 2025.

Prime Minister Keir Starmer’s administration aims to create a regulatory framework to oversee the crypto industry in line with developments in the European Union and the United States, according to Treasury Secretary Tulip Siddiq, according to the publication. Siddiq outlined the plans at a meeting in London.

The proposed framework will regulate stablecoins and crypto staking services under a single, comprehensive set of rules for crypto assets.

Initially, the British government’s plans were to unveil the stablecoin and crypto regulatory framework by December 2024. This comes at a time when the country is trying to counter the potential impact of the incoming Donald Trump administration’s positive or pro-crypto stance.

UK regulators are also looking at the wider EU market, where CryptoAsset Markets, or MiCA, rules will come into force at the end of the year.

The Bank of England announced its stablecoin regulation plan in November last year.

According to Bloomberg, England is postponing the legislation expected after the change of government. However, instead of two drafts focusing on stablecoins and crypto staking, the upcoming implementation will be for “a single overarching regime.”

The US has been rapidly turning positive in terms of pro-crypto developments since Trump won the election on November 5. Signs pointing in this direction include the move to have a “crypto czar” in the White House and SEC Chairman Gary Gensler’s announcement that he will become cryptocurrency czar. Resign in January.