The UK will formulate regulatory rules for cryptocurrency activities such as stablecoins, staking, and custody.
UK Chancellor of the Exchequer Bim Afolami said the country is working on crypto regulation legislation that would allow for a number of activities.
Speaking at the Innovate Finance Global Summit (IFGS) on April 15, 2024, Afolami stressed the far-reaching nature of the regulatory regime, saying the change will bring “a vast array” of cryptocurrency activity under the purview of regulation.
The regulatory regime specifically targets stablecoins and staking, and the rules also allow companies to provide cryptocurrency trading services and custody of customers’ crypto assets.