Last night Bloomberg reported that the UK’s Economic Secretary to the Treasury, Bim Afolami, said the government is pushing hard for crypto-asset legislation covering stablecoins and staking. A UK general election is required in less than a year, which could disrupt the timing.
Talking at a Coinbase-hosted event, Afolami said, “We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.”
In November, the Bank of England and the Financial Conduct Authority (FCA) launched late-stage stablecoin consultations, which recently closed. We reported on feedback from industry associations AFME and UK Finance. The thinking on these topics is quite advanced, so the timetable is unsurprising.
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