The UK government plans to pass a law to regulate crypto assets by the end of July, according to the Economic Secretary to the Treasury, Bim Afolami, CoinDesk has reported.
Afolami announced the timetable for the enactment of the legislation, which will cover aspects such as stablecoins, cryptocurrency staking and exchange and custodial services, during the Innovate Finance global summit on Monday.
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He said the government is working diligently to finalize the regulatory framework and that, once it comes into force, various crypto asset-related activities will fall within the regulatory perimeter for the first time.
The UK government had already published proposals in October 2023 outlining its plan to regulate the crypto sector, which included a requirement for firms to obtain authorization from the FCA to engage in cryptocurrency-related activities.