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The UK Treasury has confirmed that crypto staking is not classified as a collective investment scheme, such as ETFs, providing regulatory clarity for blockchain validators. This decision, effective January 31, 2025, is part of the UK’s broader initiative to establish a balanced regulatory framework for crypto, including stablecoins and NFTs. Economic Secretary Tulip Siddiq emphasized that staking services should not be treated like investment funds, highlighting the importance of securing the network over profit-making.
The UK Treasury has clarified that crypto staking, essential for proof-of-stake blockchains like Ethereum and Solana, is not classified as a collective investment scheme (CIS), which is subject to strict regulation. This amendment to The Financial Services and Markets Act 2000 will take effect on January 31, allowing users to validate transactions and earn tokens without the heavy regulatory burden typically associated with CIS. Economic Secretary Tulip Siddiq emphasized the need to remove legal uncertainties surrounding staking services, aligning with the local crypto industry's concerns.
Botswana's central bank has called for the establishment of crypto regulations to address potential systemic risks as the interconnectedness between the crypto market and traditional finance grows. While the local cryptocurrency market is currently underdeveloped and poses minimal risks, concerns about money laundering and terrorist financing linked to digital payment instruments necessitate proactive regulatory measures. Enhanced market surveillance and collaboration with law enforcement are recommended to combat illegal activities in the sector.
The FCA has proposed the Private Intermittent Securities and Capital Exchange System (PISCES), a new platform for trading shares in private companies, aimed at enhancing investment opportunities and funding for growth. This initiative responds to the increasing demand for easier trading in private markets and is part of broader reforms to boost UK capital market competitiveness. The FCA is consulting on risk warnings to ensure informed investment decisions as it collaborates with industry stakeholders to establish a supportive regulatory framework.
The UK government is set to implement comprehensive regulations for cryptoassets, with a phased approach starting in Q4 2024 and culminating in 2026. Notably, fiat-backed stablecoins will not be included in UK payments regulation for now, easing potential burdens on issuers while introducing new regulated activities. Firms must prepare for upcoming consultations and ensure compliance with risk management and authorisation plans to capitalize on emerging opportunities.
A lobbyist who collaborated with Rachel Reeves during the recent general election has secured high-level UK government meetings for Donald Tang, CEO of Shein, as the company explores a potential £50 billion listing on the London Stock Exchange. Kamella Hudson, a partner at FGS Global, facilitated discussions with Treasury ministers, including investment minister Poppy Gustafsson and City minister Tulip Siddiq, to advance Shein's ambitions.
Tulip Siddiq
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