UK could pass stablecoin, staking laws within six months: Report


The United Kingdom is aiming to pass new laws regulating stablecoins and crypto staking and expects to do so within the next six months.

Speaking at a Coinbase-hosted crypto event in London on Feb. 19, Economic Secretary to the Treasury Bim Afolami said the government was working hard to ensure the new legislation was passed ahead of this year’s general election, Bloomberg reported.

“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.”

Afolami remained tight-lipped when pressed for more specific details concerning the long-awaited crypto regulation.

‘“Short answer is, I don’t know [...] There’s just a huge amount going on, so I don’t want to commit to that now,” he said.

Back in 2022, U.K. Prime Minister Rishi Sunak pledged to establish the country as a “global crypto hub,” highlighting the need for crypto firms to be able to “invest, innovate and scale up” in the U.K.

Since then, there’s been little in the way of meaningful progress made on regulation in the country, despite many cries for more concise rules from crypto firms operating on U.K. soil.

On July 3, the U.K. Law Commission published four major recommendations to reform domestic laws on crypto use and ownership.

The commission pushed for the creation of a new “distinct” category of personal property to accommodate for and protect the unique features offered by digital assets.

Alongside this push came a recommendation for the government to carry out a common law analysis of crypto assets as well as establishing an industry-specific panel of technical experts, academics, and legal practitioners to advise courts on crypto-related legal issues.

On Oct. 30, 2023, the U.K. government said it would aim to introduce more crypto-specific regulation during 2024 and saw the regulation of fiat-backed stablecoins brought under the purview of the Financial Conduct Authority (FCA).

The U.K. is getting ready for its general election, widely expected to be called sometime in the second half of this year. The country’s Labour government — which is typically understood to be less sympathetic to crypto — is leading in the early-stage polls.

Source : Cointelegraph / Feb 20, 2024 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act. How we keep your money safe.