UK government plans to introduce laws on stablecoins and crypto staking within six months

The UK government plans to have lawmakers approve new rules governing stablecoins and crypto-asset staking services within the next six months, as pressure mounts to come up with concrete proposals ahead of the upcoming general election. Speaking today, UK Finance Minister for Economic Affairs Bim Afolami said the government was "making a strong push" for the legislation. "We're very clear that we want to get these things done as quickly as possible. I think within the next six months, these things are doable," he said. The UK Treasury first pledged in October that it would provide more clarity on the specific sector of cryptocurrencies sometime in 2024, but it has moved to include broader proposals to include crypto exchanges and other industry providers in existing financial services rules. Still up in the air, when asked whether the guidance might also become legislation this year, Afolami said he could not provide a timeline.