Cryptocurrency trading platform Uphold has officially resumed its staking services in the United Kingdom, marking a significant shift in the landscape for crypto services in the region. The relaunch follows recent amendments to UK financial regulations, which now provide clearer guidelines for crypto staking services.
On February 2, Uphold announced that it had restarted staking in compliance with a January 31 amendment to the UK Treasury’s regulations. The change, which impacts the Financial Services and Markets Act 2000 (FSMA), removes crypto staking from the classification of collective investment schemes. This adjustment clears the way for platforms like Uphold to offer staking services to UK customers without facing excessive regulatory burdens. Uphold CEO Simon McLoughlin explained that the company had paused its staking services in the UK a year ago due to regulatory uncertainty, calling it a “legal gray area.”
The recent amendment, which came into effect on January 8, offers much-needed clarity for the crypto industry. By excluding staking from collective investment schemes—regulated with greater scrutiny—regulators have provided crypto service providers a legal framework to move forward. “The amendment provides welcome certainty and clears the way for regulated crypto service providers to offer staking services to UK customers,” McLoughlin remarked.
While the UK market is seeing a resurgence of crypto staking, Uphold’s services remain unavailable in several other regions, including the United States, Canada, Japan, and parts of Europe. However, McLoughlin noted that the company expects to expand staking services to these markets by mid-2025.
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As the crypto industry continues to evolve, Uphold’s optimism grows with the regulatory developments. McLoughlin believes that 2025 could usher in significant progress, especially with a more crypto-friendly administration in the U.S. He stressed that the future of financial assets stored on blockchains looks bright, with staking emerging as a mainstream activity for everyday users.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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