PANews reported on November 14 that according to Bloomberg, the British government will announce a regulatory plan for the cryptocurrency industry this month, aiming to combat the attractiveness of the industry to the United States led by Trump and strive to reassure companies of its development prospects in the UK. According to people familiar with the matter, the UK Treasury is planning two pieces of legislation on stablecoins, as well as exemptions requested by cryptocurrency providers, aimed at excluding so-called pledge services from current financial regulation.

The Conservative government led by former Prime Minister Rishi Sunak had planned to pass UK cryptocurrency legislation in the summer as part of its commitment to attract digital asset businesses and make the UK a global cryptocurrency hub by 2022. But Sunak's decision to hold a general election in July, which the Conservatives lost, delayed the plan, and Keir Starmer's Labour government shelved the plan.

A Treasury spokesman declined to comment. A spokesman for the Financial Conduct Authority (FCA) said the FCA plans to publish a roadmap for its regulatory plans for the cryptocurrency industry "soon." Two people familiar with the matter said the roadmap could include a timeline for the FCA to publish a consultation paper on stablecoins early next year, followed by phased regulation of other areas of cryptocurrency. The government will also keep the industry informed of the progress of the digital securities sandbox.