Britain wants to speed up crypto regulation

UK government plans to finalize rules for crypto companies by mid-year. Stablecoin and staking providers are the main focus.

The struggle to crypto regulation is getting a new boost in the United Kingdom. The British government wants to speed up the legislative process.

Bloomberg reports this, referring to statements made by the Secretary of State for Business, Bim Afolami, on the sidelines of an industry event in London.

It is specifically about laws for stablecoin providers and staking.

Downing Street is pushing "very hard" for the regulations to be passed by the national parliament. "We agree that we want to implement these things as soon as possible. I think it should be feasible in the next six months," Afolami said.

In October of last year stated the UK rules up for its own crypto-regulation. A consultation phase is currently underway, inviting public input.

The legislative package is widely regarded as the British counterpart to the European MiCA Regulation.