While MiCA will come into force at the end of the year in Europe, the United Kingdom intends to propose its own regulatory framework for cryptocurrencies in 2025. Where is this project?
The United Kingdom wants to regulate cryptocurrencies from 2025
We know that the MiCA regulation will come into force within the European Union on December 30. However, the United Kingdom, having chosen to stand apart almost 5 years ago, will not see these regulations on cryptocurrencies apply on its territory.
Thus, the country still has to adopt its own regulatory framework, and this could happen as early as the beginning of next year. Originally, regulations on staking as well as stablecoins were to see the light of day last summer. However, the kingdom saw its general elections held on July 4, bringing a change of government with the arrival of Keir Starmer as Prime Minister.
The political calendar having then delayed the establishment of this regulatory framework, the different pillars making up the digital asset ecosystem should be treated together in 2025as Tulip Siddiq, the economic secretary to the Treasury, clarified during a conference last week:
Doing everything in one phase is simpler and more logical.
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Concerning stablecoins, the rules which currently surround them today fall under the framework on payment services. With the future regulations, the interested party explains that this will be more in line with their “ current use cases “.
As for staking, this activity should benefit from special treatment, where previously, local players feared that it would be assimilated to the collective investment regime, a framework in force in the United Kingdom which would have brought its share constraint on the practice:
To me it makes no sense that staking services should be treated like this. The government intends to proceed to remove this legal uncertainty accordingly.
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If Europe has moved ahead thanks to MiCAwe will be able to analyze the ins and outs of the British framework in the coming months, in order to judge how it will be perceived by the industry.
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Source: Bloomberg
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
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