Share this article
UK Minister Expects Stablecoin and Staking Legislation Within Six Months: Bloomberg
Economic Secretary to the Treasury Bim Afolami has said the U.K. government was "pushing very hard" to bring legislation for stablecoins and staking services for crypto assets within six months.
Updated Mar 8, 2024, 9:46 p.m. Published Feb 20, 2024, 6:55 a.m.
- The U.K. government expects to see stablecoin and staking services legislation for the crypto sector within six months, according to Economic Secretary to the Treasury Bim Afolami.
- In October 2023, The Bank of England and the Financial Conduct Authority (FCA) announced broad plans for overseeing the crypto sector in a coordinated fashion, revealing a similar timeline.
A U.K. minister has signaled a fresh commitment to introduce stablecoin and other crypto-related legislation to the country this year.
Economic Secretary to the Treasury Bim Afolami said that the U.K. government was "pushing very hard” to bring legislation around stablecoins and crypto staking services within the next six months, according to a Bloomberg report.
STORY CONTINUES BELOW
“We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable,” said Afolami, speaking at an event hosted by cryptocurrency exchange Coinbase in London on Monday.
In October 2023, The Bank of England and the Financial Conduct Authority (FCA) announced broad plans for overseeing the crypto sector in a coordinated fashion. The timeline for stablecoin rules indicated a consultation on final rules by mid-2024 and implementation of the stablecoin regime by 2025, CoinDesk reported.
Afolami’s statement suggests the U.K. is marching ahead to bring crypto regulation in the election year. The governing Conservatives are behind in the polls to the Labour Party and could be under pressure to gain political mileage by passing specific legislation.
Asked about a timeline on broader crypto regulation beyond stablecoins and staking, Afolami said he didn’t know and that “There’s just a huge amount going on, so I don’t want to commit to that now.”
Read More: UK’s Planned Stablecoin Rules Need Reworking, Crypto Advocates Say
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
A few Republicans have crypto's destiny in their hands at the SEC, CFTC
After holiday leadership shifts, the two U.S. markets regulators — the SEC and CFTC — are now run only by pro-crypto Republicans, with Congress still debating.
What to know:
- The crypto industry finally has two permanent, crypto-friendly chairmen at the Securities and Exchange Commission and the Commodity Futures Trading Commission, and they have no Democratic pushback.
- The lack of fully stocked commissions at the market regulators is a big problem in the eyes of Senate Democrats negotiating the crypto market structure bill.
- The lone remaining Democrat, Caroline Crenshaw, left the SEC last week.
Top Stories
