Invezz.com – As the cryptocurrency industry looks to a potential Donald Trump-led US for clearer regulations and promises of global crypto dominance, the British government is preparing to outline its own plans for sector regulation.
Citing sources familiar with the plans, a report by Bloomberg said the Treasury is preparing two legislative proposals: one for stablecoins, which are tokens pegged to more stable assets like the US dollar, and another to create an exemption for staking services, allowing them to avoid current financial regulations.
Plans for stablecoins and staking services legislation
The stablecoin legislation will enable the Financial Conduct Authority to engage with the industry on regulatory guidelines, Bloomberg said.
Stablecoins are digital tokens tied to the value of traditional, less volatile assets such as the US dollar.
Meanwhile, staking—where investors lock their tokens to support blockchain…
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