The UK’s new crypto laws will include stablecoins and advanced services

The UK is set to create a comprehensive regulatory framework to regulate the crypto sector by early 2025.

Speaking on Thursday at the Tokenisation Conference in London, economic secretary to the treasury Tulip Siddiq confirmed that the new rules will include cryptocurrency and stablecoins, which are pegged against stable assets like fiat money. The news was first reported by Bloomberg.

The crypto industry has been hoping that the regulations will eliminate the so-called “utilities”, where investors freeze their tokens to support a certain blockchain in order to get a small yield – it’s like getting interest on saving money. But Siddiq has suggested that there will be no special filming.

“To me, it doesn’t make sense for stake services to have this treatment,” said Siddiq. “The government intends to continue to remove this legal uncertainty in the right way.”

The UK has recently introduced a new bill which, if passed, will give greater legal protection to crypto-assets such as Bitcoin and NFTs, calling them “personal property” under the proposed law.