A UK government official promised at City & Financial's Global Tokenization Summit in London on November 21 that a draft regulatory framework for crypto assets will be introduced in the UK early next year.
Although regulation was initially planned for last summer, plans were delayed due to a general election that led to the ouster of the Conservative government led by Prime Minister Rishi Sunak. The new Labor government of Keir Starmer, which took office on July 5, will now be tasked with introducing the regulations.
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According to Bloomberg, the regulation will cover not only cryptocurrencies, but also stablecoins and staking services.
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The government has been working on legislation for stablecoins since the publication of a series of discussion papers in October 2023, but it is not expected to be introduced until at least 2025.