The UK will release new regulations on cryptocurrency regulation before July! Including stablecoins, pledges, exchanges

The European Union passed the "Financial Services and Markets Act 2023" at the end of June 2023, which is what we often call the MiCA Act, bringing crypto assets into the regulatory system.

Not long after, the British Financial Conduct Authority (FCA) also implemented stricter new regulations on cryptocurrency promotion in October, and completed the first phase of discussions on stablecoin supervision in February this year, accelerating encryption. Creation of a monetary regulatory framework.

British Chancellor of the Exchequer: Publish cryptocurrency and stablecoin legislation before July

Just yesterday (15th), Bim Afolami, Minister of Economic Affairs of the British Ministry of Finance, said at the Global Summit on Innovative Finance that the United Kingdom The government will release new cryptocurrency legislation by June or July this year, including stablecoins, staking, trading and custody: We are now stepping up the development of legislation to implement our regulatory opinions on cryptocurrency. Once the bill is officially enacted, a series of crypto-asset activities, including operating exchanges, custody of customer assets, etc., will be included in the scope of supervision for the first time.

However, it is worth noting that although the currently ruling Conservative Party hopes to make the UK a cryptocurrency center, the British general election this year may bring the Labor Party to power, which means that there may not be much time left for the Conservative Party.

The EU MiCA Act will take effect in June

In addition to more upcoming new regulations on cryptocurrency supervision in the UK, the crypto asset market law "MiCA" covering the entire EU region will also be Officially effective in June this year, it has the following characteristics:

Advantages:

• Legal certainty

• Suitable for cryptocurrency Rules

• Reputation to prudent customers

• Have one license to operate throughout the EU

• Attract investment

Possible negative impacts:

• The rules are strict and mistakes will result in millions of euros in fines

• USD Stablecoin Restricted

• NFT is in a gray area and may not be managed

• Be clear about how overseas enforcement will be carried out

The MiCA bill has been proposed since 2019 and has gone through many discussions. Its purpose is to make the EU the first in the world to have a tailor-made, comprehensive Jurisdictions with cryptocurrency regulations.

However, the introduction of this bill will also bring considerable regulatory pressure to stablecoins in the European market. For example, on March 20, the exchange OKX announced that it would delist the U.S. dollars issued by Tether in Europe. The related trading pairs of the stable currency USDT have made way for the euro stable currency, leading to speculation that it is related to the regulatory provisions of the MiCA Act.

The EU's MiCA Act has shown a strict regulatory attitude, but the new regulatory regulations in the UK are still pending. Therefore, whether the new regulations will be more stringent or relatively loose after they are introduced is worthy of our continued observation.

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