The UK will adopt a law on stablecoins and stacking in the next six months
Politician Bim Afolami said that the government is "very strongly" insisting on the adoption of the relevant law
The UK authorities plan to approve new rules governing stablecoins and crypto asset stacking services within the next six months, Bloomberg reports. The Secretary of Economy of the Treasury, Bim Afolami, speaking at an event organized by the Coinbase exchange, said that the government was "very strongly" pushing for the adoption of an appropriate law. According to him, this is feasible in the next six months.
Experts from the Elliptic analytical company said that fiat stablecoins and their issuers will be regulated in accordance with existing payment laws. This will give the UK financial regulator the opportunity to dictate which types of assets can support stable coins, the experts added.
Tom Duff Gordon, Vice president of International Policy at Coinbase, believes that stacking will receive a new classification so that this activity does not fall under the concept of collective investment.
When asked about the timing of broader regulation of the cryptocurrency sector in the UK, Afolami did not give an exact answer.
Source: https://getblock.net/news/uk-will-adopt-a-law-on-stablecoins-and-staking-in-the-next-six-months
