UK prepares to legalize a “host” of crypto activities in summer

The United Kingdom is going to clear up the air around crypto regulation and help investors better understand what activities are now regulated under law

Crypto investors may finally get better times in the market in the United Kingdom after UK Economic Secretary to the Treasury Bim Afolami confirmed that the country is preparing to pass a host of legislative changes that have to do with some popular crypto activities.

This should make it easier for investors and companies operating in the sector to get a better idea of what activities are currently sanctioned under British law, and what activities ought to be avoided.

Among the planned regulatory updates are specific texts that will address stablecoins and staking, Afolami said during the Innovate Finance Global Summit 2024 on Monday, April 15. Afolami also believes that these changes will establish the United Kingdom as a “cornerstone” in the global fintech sector, and once again reaffirm the country’s leadership position in the industry.

Crypto regulation has been a hot topic not just in the United Kingdom, but also in the European Union, Asia, and North America. The United Kingdom will now come up with clarifications on its crypto regime in either June or July, and before the government goes into recess for the summer.

The good news is that the UK has given up on its idea to treat crypto as a form of gambling. A current effort ongoing in the gambling industry’s reregulation has also stopped short of calling crypto assets and trading “a form of gambling,” which has brought calm into the market and a little more certainty into the future of the industry in the UK.

All current indicators point out that the UK sees crypto as an area that needs to be regulated under financial law rather than be ostracized as a form of lawless activity or gambling.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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