The U.K. plans to draft a regulatory framework for the crypto industry by early next year, Economic Secretary Tulip Siddiq said at a conference.
The rules will apply to stablecoins and staking services and will end months of uncertainty for the industry.
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The U.K. plans to draft a regulatory framework for the crypto industry by early next year, Economic Secretary Tulip Siddiq said at a conference in London on Thursday, Bloomberg reported.
Under the plans, stablecoins will no longer fall under the U.K.’s payments regime, Siddiq said at City & Financial Global’s Tokenisation Summit. Rules on staking will be included to prevent it being treated like a collective investment scheme.
The announcement follows months of uncertainty about the Labour government’s plans for the industry following its election in July. The previous Conservative government had put in place measures to treat crypto as a regulated activity in the Financial Services and Markets Act and had said that more rules would be coming for stablecoin and staking providers.
CoinDesk reached out to the Treasury for comment.
Edited by Sheldon Reback.
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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
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