The British government plans to submit a comprehensive cryptocurrency management bill to Parliament in June or July this year. The bill will include regulations on stablecoins, Staking , exchanges, and digital asset custody.
“We are working to finalize and enact the law to realize the final proposals for the cryptocurrency regulatory regime,” said Deputy Economy Minister Bim Afolami, adding that the new law will establish the legal framework. for all cryptocurrency-related activities, bringing the sector under an official regulatory framework for the first time.
Afolami teased the introduction of secondary stablecoin legislation in February, adding that the government was working to complete it within six months.
The move follows the UK's passage of the Financial Markets Bill 2023, which creates a legal basis for regulating stablecoins and cryptocurrencies as financial activities.
The Bank of England (BoE) will oversee large-scale stablecoin providers, while the Financial Conduct Authority (FCA) will regulate the broader cryptocurrency sector.
Although the Conservative Party is pushing for Britain to become a cryptocurrency hub , this ambition could be affected by the upcoming general election. The Labor Party, the Conservatives' main rival, is currently leading in opinion polls.
