LONDON—At the recent Innovative Finance Global Summit here, the U.K.’s economic secretary, Bim Afolami, announced plans to introduce new laws to regulate the issuance and usage of stablecoins and crypto in the country.
“This comprehensive regulatory framework is expected to be unveiled by July 2024 and will position the U.K. as a frontrunner in regulating the proliferating crypto industry,” Blockchain News reported.
According to the report, the U.K.’s cryptocurrency industry is one of the fastest-growing crypto markets globally, outpacing Germany and the U.S. after experiencing aggressive growth over the last decade.
“The popularity of cryptocurrencies in the country and their viability as legitimate assets have seen the country amass over three million cryptocurrency users,” Blockchain News stated. “These users are estimated to have a combined wealth of over $3.72 billion in cryptos. Furthermore, the U.K. crypto industry grossed an estimated $1.9 billion in revenue in 2023 and is projected to reach $2.5 billion in 2024.”
How to Sign Up For the Best Daily News Email in Credit Unions. (It’s Free!)
Every workday CUToday.info delivers the most comprehensive, freshest daily newsletter with the day’s news headlines, including links to the related articles. The Fresh Today newsletter is the most timely, relevant and widely-read source of news and information in the CU community. And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties,
And did we mention it’s free?