UK ministers expected to introduce legislation on stablecoins and cryptocurrency staking services within six months

According to Bloomberg, Bim Afolami, the UK Treasury's economic secretary, has stated that the British government is "pushing hard" to legislate on stablecoins and cryptocurrency custodial services within the next six months. In October 2023, the Bank of England and the Financial Conduct Authority (FCA) announced a wide-ranging plan to coordinate regulation of the cryptocurrency industry.Additionally, according to CoinDesk, the stablecoin rule roadmap indicates that final rules will be discussed by mid-2024 and stablecoin systems will be implemented before 2025.