Home
News
- 1 During an event hosted by crypto exchange Coinbase, the Economic Secretary to the Treasury, Bim Afolami, said the UK is pushing hard to implement the stablecoin and staking regulations.
- 2 The general election of the United Kingdom is still due, and the dates will likely be released soon in the coming months.
- 3 The cryptocurrency market is flourishing. Last week, overall cryptocurrency grew by more than 7%.
Bloomberg reported that on Monday, during an event of Coinbase, the Economic Secretary to the Treasury, Bim Afolami said “The UK government is pushing very hard to legislate new regulations on stablecoins and staking service in the coming six months.”
Bim further added the government intends to “get these things done as soon as possible” in the coming six months. The general election in the United Kingdom is still due, and the dates will likely be released in the coming months.
To take advantage of the opportunities provided by Brexit, the bill was first submitted in July 2022 to enhance regulatory supervision over the UK’s financial industry. The 340-page measure was initially limited to stablecoin restrictions.
The UK government released recommendations in October 2023 outlining its plan to incorporate the cryptocurrency industry under financial laws. One of the suggestions was to require enterprises to acquire a license from the FCA before engaging in any crypto-related operations.
Besides the United Kingdom, several other nations are working closely to prepare a framework for stablecoins and all cryptocurrencies. The regulation to oversee the crypto market is expected to counter decentralization.
Hong Kong is eagerly working to ease the regulations for the industry. Hong Kong is a special administrative region of China, which banned all activities related to cryptocurrencies in 2021. Before the restrictions, China was one of the most preferred locations by crypto miners.
Crypto Market Overview
The cryptocurrency market is flourishing. In the past week, the market cap of the crypto market grew more than 7% and reached the much-awaited milestone of $2 Trillion.
There are around 164 stablecoins in the crypto market, according to CoinMarketCap’s ranking. The list is topped by Tether (USDT), USDC, DAI, First Digital USD, TrueUSD, and USDD, among others.
The entire trading volume of the stablecoin category grew more than 6% in the past 24 hours and was $64,028,518,027. The reason behind constant positivity in the market is claimed to be the hype of the yet-to-be-approved Ether spot ETF.
Similarly, the leader of all the cryptocurrencies, Bitcoin, has reflected significant growth in the past few weeks; when writing, it was trading at $52,152. As per the market observers, the spike in Bitcoin’s trading price is fueled by the upcoming Bitcoin halving event likely to occur on April 19, 2024.
The intraday gainer’s list of the market is led by Filecoin (FIl), which surged more than 8.45%, followed by Siacoin and Ronin, including a few others. Similarly, the loser of the market became Worldcoin as it lost over 11% of its price.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
