More Crypto Legislation Imminent in UK

June 2024

The UK’s Economic Secretary to the Treasury, Bim Afolami, has revealed that plans for legislation covering both stablecoins and crypto staking are on the cards, and might gain approval within the next six months. The minister also stated that broader crypto regulations would likely take longer, though as a general election is due later this year, how much the conservative party will have to do with future crypto regulations is up for debate.

Prime Minister Rishi Sunak, since he was Chancellor of the Exchequer, has been keen to have the UK as a crypto hub. In 2022 he stated: ‘We want to see the businesses of tomorrow – and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term’. Under any government that accepts its use, crypto should expect to be regulated as without regulation the space is open to fraud, money-laundering, terrorism financing and other illicit activities which end up having a hugely negative impact on the ecosystem and country.  

This sort of approach is becoming increasingly common. Even the US has signs that crypto might become more readily embraced in coming years, and standards and regulations are being reviewed, improved and enforced around the world. In order to meet these regulations and avoid devastating fines, penalties and even judicial action, those involved in the crypto space must ensure that they have suitable controls in place to combat the risks of fraud, money laundering and terrorism financing, and that they can demonstrate their compliance readily. 

Of course, there is a worry for businesses that having to meet and adapt to increasing levels of regulation will result in significant time and financial loss as additional solutions have to be integrated and that this will also impact the onboarding process for customers who will have to fill out multiple KYC/AML documents each time they seek to do business with a new company in the crypto space, disincentivising them from exploring new opportunities in crypto due to the time and frustration of this process. 

Thankfully, the hundreds and thousands of businesses that are, or soon will be, looking to implement compliance solutions have the option of choosing Blockpass: a solution designed to solve all these problems. With a reusable identity for customers, users need only go through the KYC/AML process once before they’re able to onboard to any business in the Blockpass network, minimizing the time and cost for businesses and maintaining a simple, secure and effective process for users. Alongside this, Blockpass constantly monitors the state of regulation around the world and adapts its solutions to fit upcoming compliance needs so companies stay on top of regulatory changes with minimal disruption; recent developments from Blockpass make the process even easier for all those involved. 

Whether in the UK or any of the host of countries that are seeking to implement crypto solutions and the regulations that will come alongside that, any business can approach Blockpass for the most effective, affordable and secure compliance solutions in the market. 

About Blockpass

Ditch tedious onboarding and say hello to seamless compliance with Blockpass, the ultimate turnkey solution for KYC, KYB, and AML. Experience the market's most efficient and cost-effective compliance suite, built by seasoned compliance veterans and crypto-natives. Automate compliance processes, eradicate fraud, and onboard globally with confidence. Verify businesses worldwide, launch bank-grade verification for your organization, and instantly activate compliant KYC/AML for DeFi, exchanges, token launchpads, NFT mintings and beyond. Through Blockpass’ decentralized network of a million pre-verified crypto-enthusiasts and a thousand pre-verified businesses, you can expand your reach effortlessly. Leverage Advanced KYC BotTM for intelligent remediation, On-Chain KYC® for data-free anonymity, and Unhosted Wallet KYCTM to meet Crypto Travel Rule regulations. Join Animoca Brands, Cardano, Polygon, Chainlink, Delta Exchange, National Geographic, TinyTap, Seedify, ChainGPT, Iskra and many more in partnering with Blockpass for compliance you can trust, growth you can accelerate and an experience you can enjoy. Join the cutting edge of secure, streamlined onboardings.

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