According to the Economic Secretary, Bim Afolami, the United Kingdom is making preparations to introduce new regulations for cryptocurrencies and stablecoins by the middle of 2024.
At the Innovate Finance Global Summit, Afolami stated that the government is working quickly to finalize the legislation and implement the proposed regulatory regime.
“We are working diligently to deliver the necessary legislation and put our final proposals for the regime in place,” Afolami said at the summit.
This announcement follows the passing of the Financial Services and Markets Act in June 2023, which classified cryptocurrencies as regulated financial activities in the UK.
“Once this legislation is in effect, a range of crypto asset operations such as operating an exchange and holding clients’ assets will fall under the regulatory framework for the first time,” Afolami added.
