Bim Afolami, the Economic Secretary to the UK Treasury, claimed the UK could soon have a stablecoin law and other crypto legislation in 2024.
At a recent event, Economic Secretary to the UK Treasury Bim Afolami spoke at length on crypto regulation. He claimed the UK government is working towards a stablecoin law and other crypto legislation in the next six months. A leading economic daily reported he didn’t share details or exact dates but confirmed an upcoming stablecoin law in the UK.
The official said, “We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.” The government passed stablecoin rules in the country in 2022, but a comprehensive law hasn’t been a reality yet.
Meanwhile, Secretary of the US Treasury Janet Yellen also urged Congress to create stablecoin legislation in the US. Hence, the importance and impact of stablecoins have gradually risen, with multiple countries recognizing it. In fact, British lawmakers supported transparent crypto legislation in the country as early as May 2023.
Further, the United Kingdom witnessed a rise in crypto-related activities in 2023. An analysis firm stated the UK held the top spot in Europe for crypto transaction volumes. As a result, the government might have felt the need for crypto regulation in the country as soon as possible.
Moreover, UK regulators have also advocated for other blockchain use cases, such as a central bank digital currency. A digital pound has been an active subject of discussion for the country’s regulators. In January this year, two regulators also sent their official responses to the digital pound’s consultation. Other organizations and industries also sent their opinions to the consultation.
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