UK Treasury Secretary Bim Afolami, speaking at an industry event in London, stressed that the government is “extremely pressing” for regulations and legislation to be passed.
“We want to adopt these rules as soon as possible. And I think within the next six months this is feasible,” Afolami said.
Back in October last year, the Treasury promised to clarify the activities of certain cryptocurrency industries, including stablecoins.. According to Elliptic analysts, stable fiat-pegged cryptocurrencies will work within the framework of existing payment laws.
Also, the UK authorities are going to separate staking into a new type of activity so that it does not fall under the concept of collective investment. As for broader regulation of the cryptocurrency industry, Afolami found it difficult to name the timing of the appearance of such laws:
“There is a huge field of work here, so I can’t say anything right now.”
It should be noted that over the past three months, the UK Financial Conduct Authority (FCA) has issued 450 warnings about illegal advertising of cryptocurrencies.