UK Economic Secretary Bim Afolami: Government May Pass Stablecoin and Staking Legislation in the Coming Weeks

BlockBeats news, on May 8, British Economic Minister Bim Afolami said on Wednesday that the current British government will implement stablecoin and pledge legislation in the coming weeks.

The current ruling Conservative Party has said that they want the UK to become a cryptocurrency center, and the government introduced new legislation last year to treat cryptocurrencies as regulated activities. They have consulted on a phased approach to regulating cryptocurrencies, starting with stablecoins. The UK is expected to hold a general election in the second half of this year, and the Conservatives have little time to implement all the crypto measures they have promised. Afolami said last month that the government plans to publish new legislation for stablecoins, pledges, and cryptocurrency custody and exchanges by July.