In a significant development in the realm of digital currencies, the UK government is gearing up to introduce an extensive regulatory framework for stablecoins along with other cryptocurrency services including staking, exchange, and custody by the third quarter of this year. The announcement was made by Economic Secretary Bim Afolami during the Innovate Finance Global Summit. Afolami highlighted the swift progress in establishing this regulatory framework, noting that legislation is swiftly advancing to solidify the new regulatory proposals.
This forthcoming legislation is set to usher various cryptocurrency operations such as exchanges and custodial services into the realm of regulatory oversight for the first time. The groundwork for these regulations was laid last year through a substantial financial markets bill that classified …
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