The
new
Labour
government,
elected
in
July,
intends
to
implement
its
predecessor’s
crypto
proposals
on
the
creation
of
regulated
activities,
including
operating
a
crypto
trading
platform
and
a
market
abuse
regime,
in
full,
Siddiq
said.
Under
current
plans,
stablecoins
will
no
longer
fall
under
the
U.K.’s
payments
regime.
There
will
also
be
a
carve
out
for
staking
to
prevent
it
being
treated
like
a
collective
investment
scheme.
The
European
Union,
the
U.K.’s
biggest
trading
partner,
already
has
its
crypto
regulation
in
place.
MiCA’s
rules
on
stablecoins
took
effect
at
the
end
of
June
and
rest
will
kick
in
by
the
end
of
the
year.
Among
them,
the
ability
for
crypto-asset
service
providers
with
a
license
in
one
member
state
being
able
to
operate
across
the
entire
27-nation
bloc.