The country passed a landmark bill in June 2023, which laid the foundation for stablecoins and other crypto to be treated as regulated financial activities.

• The U.K. will issue new legislation for stablecoins as well as crypto staking, exchange and custody by June or July this year, Economic Secretary Bim Afolami said.
• The Conservative-party-led government has said it wants to make the U.K. a global hub for crypto and passed legislation last year to recognize crypto and stablecoins as regulated financial activities in the country.

The U.K. government is set to put forward legislation for stablecoins as well as for crypto staking, exchange and custody by June or July, Economic Secretary Bim Afolami said at the Innovate Finance Global Summit on Monday.
“We are now working at pace to deliver the legislation to put our final proposals for our regime in place,” Afolami said. “Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets and other things, will come within the regulatory perimeter for the first time.”
In 2023, the U.K. passed a landmark financial markets bill that laid the foundation for stablecoins and crypto broadly to be treated as regulated financial activities in the country. Local regulators, the Financial Conduct Authority and the Bank of England, both consulted on what a stablecoin regime would look like last February. The BoE said it would oversee stablecoin providers that were large enough to affect the financial system, while the FCA said it would regulate the wider crypto space.

Afolami teased the coming of secondary stablecoin legislation in February, adding that the government was pushing to get it done within six months.
The U.K.’s Conservative Party-led government has said it wanted to be a crypto hub and has since consulted on its ambitions to regulate crypto. The U.K. is expected to have an election this year, which could see the Conservative party ousted and some crypto plans left in limbo, meaning the party could have a limited time left to execute its plans. The Labour party is the current favorite to win.

Source: coindesk.com

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Leading the investment were Brevan Howard Digital and Framework Ventures, which signals confidence in Berachain’s vision and approach.

Notable investors in Berachain include Samsung Next, HashKey Capital, Animoca Ventures and Nomad Capital, highlighting the growing interest in DeFi-focused blockchain projects.

Berachain co-founder Smokey Bera emphasized the importance of the funding round, stating: “We see this fundraising as a great validation of our approach to building a blockchain that is built on feedback from real users and developers, and to deliver value for those groups that actually contribute to the growth of the network,” as reported by Bloomberg.

According to Berachain’s website, the platform offers a certain degree of compatibility with ETH, making it easier to transfer applications and assets. While it may not fully replicate the functionality, performance or security features of Ethereum, Berachain serves as an EVM-compliant first-layer blockchain built on Cosmos-SDK.

This architecture allows Berachain to support similar tools and operations as Ethereum, while introducing additional functionalities optimized for proof of liquidity and typical decentralized use cases such as exchanges and oracles.

The blockchain network will introduce three core assets: the BERA token for on-chain transactions, the BGT token as its governing coin, and HONEY, the protocol’s secured stablecoin, offering a complete ecosystem for decentralized financial applications.

Source: cryptodnes.bg

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