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The UK is set to create a comprehensive regulatory framework to govern the cryptocurrency sector in early 2025.
Speaking on Thursday at The pinnacle of coding In London, Economic Secretary to the Treasury Tulip friend He confirmed that the new rules will include cryptocurrencies and stablecoins, which are linked to more stable assets such as fiat currencies. It was the news First reported by Bloomberg.
The cryptocurrency industry had hoped that regulation would rule out so-called “staking” services, where investors lock up their tokens supporting a particular blockchain in exchange for a small return — much like earning interest on cash savings. But Siddiq indicated that there will be no special exceptions.
“For me, it doesn’t make sense for services to get this treatment,” Siddiq said. “The government intends to move forward with removing this legal ambiguity accordingly.”
The UK also recently introduced a new bill that, if passed, would provide greater legal protection for crypto assets such as bitcoin and non-fungible tokens (NFTs), classifying them as “personal property” under the proposed law.
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