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Britain’s Economic Minister Expects Stablecoin Legislation This Year

Britian’s Economic Secretary expects to introduce legislation governing stablecoins later this year.

Bim Afolami, who is Economic Secretary to the Treasury in the United Kingdom, said he is pushing to bring legislation to Parliament related to stablecoins and crypto staking services within the next six months.

Afolami made the comments while speaking at an event hosted by cryptocurrency exchange Coinbase (COIN) in London, England.

Last autumn, the Bank of England and the Financial Conduct Authority (FCA) announced plans for overseeing the cryptocurrency sector in the United Kingdom.

The government has pledged to implement rules around stablecoins by 2025. Stablecoins are cryptocurrencies whose underlying value is pegged to another asset, typically the U.S. dollar or price of gold bullion.

Asked about a timeline on broader crypto regulation beyond stablecoins and staking, Afolami said he didn’t know how any additional legislation would unfold.