Invezz.com – The UK government, under Prime Minister Keir Starmer, has confirmed plans to move forward with comprehensive cryptocurrency regulations after delays caused by the July general elections.
With a fast-growing market and increasing interest in digital assets, the new regulations aim to address key gaps in oversight.
According to a Bloomberg report, economic Secretary Tulip Siddiq announced that stablecoins, digital currencies pegged to fiat money, will not fall under the existing Payment Services Act.
Instead, they will be included in a fresh regulatory framework, set to be drafted in early 2025.
This move places the UK on a divergent path from the European Union, which implemented its own cryptocurrency regulations earlier this year.
The UK’s approach is seen as a critical step to support its domestic crypto industry while ensuring financial stability and consumer protection.