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The United Kingdom plans to set out a thorough regulatory framework for crypto in the early stages of 2025.
At a London conference on Thursday (Nov. 21), Economic Secretary to the Treasury Tulip Siddiq intimated the current Labour government is aware of the need for clarity in the sector with a desire to consolidate regulation for the greater good.
The new approach, on behalf of Prime Minister Sir Keir Starmer’s administration, will mean stablecoins no longer fall under the existing payment services regulations.
“Doing everything in a single phase is simpler and it just makes more sense,” said Siddiq.
Bloomberg also detailed how the new arrangements will cover cryptocurrencies, stablecoins, and staking services under a single, unified regime.
Previous efforts to usher in a more friendly environment for crypto in the UK, have been impacted due to a ‘challenging’ regulatory backdrop, especially with the external remit of the Financial Conduct Authority.
Measures were expected to be taken by the previous Conservative government but the onset of the early general election, won by Labour, means the changes have been delayed.
The National Payments Vision sets our ambition for a trusted, world-leading and innovative payments ecosystem – I’m excited to work with regulators and the sector to make it happen.
Great to celebrate the publication and outline our next steps at @EYnews yesterday. pic.twitter.com/4XPA4mszbq
— Tulip Siddiq (@TulipSiddiq) November 22, 2024
President-elect Trump all-in on crypto
As the UK makes its push to provide clarity on crypto, it does so under relative pressure from the winds of change blowing in the United States, with President-elect Donald Trump keen to go all-in on the digital currency.
As part of his offering to the sector, Trump’s incoming administration is exploring the creation of a new White House role dedicated to cryptocurrency, aimed at fostering industry ties and facilitating government collaboration.
This could include the appointment of a crypto-czar in the first-ever role of its kind in the U.S.
Image credit: Via Midjourney
