• According to Bim Afolami, Economic Secretary at the Treasury, the U.K. Government expects stablecoins and staking service legislation to be introduced for the crypto industry within six months.
  • The Bank of England (BoE) and the Financial Conduct Authority(FCA), both in October 2023, announced their broad plans to oversee the crypto sector, all while revealing the same timeline.

A U.K. Minister has announced a renewed commitment to introduce legislation related to stablecoins and other crypto-related issues in the country by this year.

According to a Bloomberg report, Economic Secretary to Treasury Bim Afolami stated that the U.K. Government was “pushing hard” for legislation to be introduced around stablecoins as well as crypto staking within the next six-months.

“We are very clear about our desire to complete these tasks as quickly as possible. “I think that these things can be done in the next six month,” said Afolami at an event held by cryptocurrency exchange Coinbase on Monday.

The Bank of England (BoE) and the Financial Conduct Authority announced their broad plans to oversee the crypto industry in a coordinated manner on October 20, 2023. CoinDesk revealed that the timeline for stablecoin regulations indicated a consultation of final rules by mid-2024, and implementation by 2025.

Afolami’s statement indicates that the U.K. will move ahead with crypto regulation during the election year. The Conservatives, who are in behind the Labour Party in polls, could feel pressured to pass specific legislation to boost their political standing.

Afolami, when asked about a timeline for broader crypto regulations beyond stablecoins, said that he did not know. “There’s a lot going on right now, so I’m not ready to commit.”

Read more: UK’s planned stablecoin rules need reworking, crypto advocates say

Parikshit Miishra is the editor.