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The UK Financial Conduct Authority (FCA) plans to complete its crypto regulation rules by 2026. This step aims to help the UK keep up with other countries in the digital asset market. According to a Bloomberg report, the FCA will focus on key areas like trading platforms, crypto lending, and stablecoins. To gather input, they will hold a series of consultations soon.
UK FCA to Begin Consultations for Crypto Regulation
The UK is under increasing pressure to create clear crypto regulation for indstry stakeholders. Other countries, such as Hong Kong, Singapore, and the UAE, are moving forward with their regulations for digital assets. Meanwhile, Keir Starmer’s government is under political pressure to act quickly on crypto regulation, especially after Donald Trump returned to the U.S. presidency. Trump’s administration plans to take strong action on cryptocurrency regulation.
If the UK does not speed up its efforts in this area, it risks losing its competitive advantage in the growing global digital economy. Furthermore, the FCA plans to hold consultations to balance promoting innovation with strong consumer protection. They will pay particular attention to stablecoins and crypto lending, as these areas have become popular in recent years, creating both opportunities and regulatory challenges.
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Stablecoin and Staking Regulation in the UK
Some days ago, the United Kingdom announced its plans to introduce new rules for the cryptocurrency industry by early next year. As reported by TheCoinRise, Tulip Siddiq, the U.K.’s economic secretary to the Treasury, shared the government’s plans for the cryptocurrency market. Siddiq stated that the new rules will focus on important areas like stablecoins and staking services.
Notably, the proposed framework will support the U.K.’s goal of encouraging innovation. Also, the introduction of this legislation is expected to have a significant impact on the country. Companies operating in crypto will adapt to the new rules and ensure compliance to continue their operations. This may involve revising business practices and implementing new security measures.
US Changing Regulatory Landscape
Meanwhile, the U.S. Securities and Exchange Commission (SEC) had a remarkable year in 2024, setting a new record for enforcement actions.
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However, Gary Gensler will step down from office in January 2025. His departure is expected to change the regulatory landscape, particularly for the crypto industry.
Under Trump’s incoming administration, the crypto community anticipates a more favorable regulatory framework for United States crypto businesses. Several crypto leaders are pushing to secure a spot on Trump’s Advisory Council to advocate for less stringent crypto regulations. The industry also hopes that pro-crypto leaders will be appointed to the Sec Chair role.
Despite some figures ruling out interest, the crypto community remains optimistic about future regulatory shifts.
