The U.K. Labor government is set to unveil a comprehensive cryptocurrency regulatory framework in early 2025, aimed at streamlining regulation and addressing key areas such as stablecoins and staking. The U.K. plans to release its cryptocurrency framework next year, reflecting a global regulatory race for the industry, with other jurisdictions such as the European Union already advancing strategies to attract innovation and economic opportunities. The UK government revealed plans to introduce a unified regulatory framework for the cryptocurrency industry in early 2025 at the City of London Global Tokenization Summit. As part of the new framework, stablecoins will no longer be regulated by the UK's existing payment services rules. The government believes these regulations are not suitable for its current use cases. The shift is designed to bring the UK's approach in line with the evolving nature of stablecoins, which are typically pegged to assets such as the US dollar to maintain stability.