According to BlockBeats, the UK government is set to unveil its plans for regulating the cryptocurrency industry later this month. This move aims to address the growing appeal of the US crypto market under the leadership of Donald Trump and to reassure businesses about their prospects in the UK.
Sources familiar with the matter have indicated that the UK Treasury is preparing to introduce two pieces of legislation concerning stablecoins. Additionally, there are plans to include exemption clauses for cryptocurrency providers, allowing them to exclude so-called staking services from current financial regulations.
Following Trump's election victory, the cryptocurrency sector celebrated, leading to a surge in asset prices, including Bitcoin. In response, the UK has decided to advance its cryptocurrency regulatory framework. The concern for the UK is that startups might opt for other jurisdictions, such as the US, where the rules are perceived to be clearer or more favorable.
