Share this article
UK to Draft a Regulatory Framework for Crypto, Stablecoins Early Next Year
The U.K.'s long awaited crypto rules are starting the legislative process just as the European Union's take effect.
Updated Nov 22, 2024, 12:15 p.m. Published Nov 22, 2024, 10:30 a.m.
- The U.K. plans to draft a regulatory framework for the crypto industry by early next year, Economic Secretary Tulip Siddiq said at a conference.
- The rules will apply to stablecoins and staking services and will end months of uncertainty for the industry.
The U.K. plans to draft a regulatory framework for the crypto industry by early next year, starting the process just as the European Union's Markets in Crypto Assets (MiCA) laws kick in across the trading bloc.
"We aim to engage firms on draft legal provisions for the crypto asset regime including stablecoins as early as possible next year," Economic Secretary Tulip Siddiq said at City & Financial Global’s Tokenisation Summit on Thursday, according to a copy of her speech obtained by CoinDesk.
STORY CONTINUES BELOW
The announcement follows months of uncertainty about the government's plans for the industry following its election. The previous Conservative government had put in place measures to treat crypto as a regulated activity in the Financial Services and Markets Act and had said that more rules would be coming for stablecoins and staking providers.
The new Labour government, elected in July, intends to implement its predecessor's crypto proposals on the creation of regulated activities, including operating a crypto trading platform and a market abuse regime, in full, Siddiq said. Under current plans, stablecoins will no longer fall under the U.K.'s payments regime. There will also be a carve out for staking to prevent it being treated like a collective investment scheme.
The European Union, the U.K.'s biggest trading partner, already has its crypto regulation in place. MiCA's rules on stablecoins took effect at the end of June and rest will kick in by the end of the year. Among them, the ability for crypto-asset service providers with a license in one member state being able to operate across the entire 27-nation bloc.
Read more: Labour Landslide Sets Up Starmer as UK Prime Minister With Unstated Crypto Plans
UPDATE (Nov. 22 12:14 UTC): Adds details from speech throughout, context on EU and MiCA.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Five Crypto Firms Win Initial Approvals as Trust Banks, Including Ripple, Circle, BitGo
The firms have obtained conditional approval from the Office of the Comptroller of the Currency to convert into national trust banks.
What to know:
- Crypto firms Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos received conditional approval by the OCC to become federally chartered trust banks.
- The move sets up firms to follow in the footsteps of Anchorage Digital, the first to get a federal bank trust charter in the U.S.
- A slew of stablecoin issuers and crypto firms, including Coinbase, filed for federal oversight after GENIUS Act was written into law.
Top Stories
