• The British government is looking to enact legislation on stablecoins and staking services for the crypto asset sector within six months, according to British Treasury Secretary-General Bim Afolami.
• In October 2023, the Bank of England and the Financial Conduct Authority (FCA) announced wide-ranging plans for coordinated supervision of the crypto-asset sector and had set out a similar timeline.

A British minister has expressed his determination to introduce legislation related to stablecoins and other crypto assets (virtual currencies) this year.

According to Bloomberg, Treasury Secretary for Economic Affairs Bim Afolami said the UK government is “moving forward very hard” to introduce legislation on stablecoins and crypto-asset staking services within the next six months. ” he said.

“We want to get these things done as quickly as possible, and I think it’s possible in the next six months,” Afolami said at the Coin crypto exchange event in London on February 19. This was stated at an event hosted by Coinbase.

In October 2023, the Bank of England and the Financial Conduct Authority (FCA) announced wide-ranging plans for joint supervision of the crypto asset sector. CoinDesk reported that the stablecoin regulation timeline calls for consultation on final rules by mid-2024 and stablecoin regulation by 2025.

Afolami’s comments suggest that the UK is on track to introduce crypto regulation in an election year. The ruling Conservative Party, which is lagging behind Labor in opinion polls, may be in need of political gains by passing concrete legislation.

Asked about the timeline for broader crypto regulation beyond stablecoins and staking, Afolami replied, “I don’t know.” “There’s so much going on that I don’t want to commit to it right now.”

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Bim Afolami, Economic Secretary at the UK Treasury. (UK Parliament)
｜Original text: UK Minister Expects Stablecoin and Staking Legislation Within Six Months: Bloomberg