UK Minister Says Government Only Has Time to Implement Stablecoin, Staking Legislation
The UK government plans to implement secondary legislation on stablecoins and staking in the coming weeks, according to Economic Secretary Bim Afolami. Stablecoins are digital tokens tied to other assets like fiat currencies. The government had previously planned to issue new legislation for stablecoins, staking, crypto custody, and exchanges by July. The current ruling party, the Conservatives, have expressed their desire for the UK to become a crypto hub and have already introduced legislation treating crypto as a regulated activity. However, with an election expected later this year, the party may not have enough time to implement all promised crypto measures. Recent local election results showed a significant swing towards the Labour party.
