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The regime applies to all companies seeking to provide services in the country, unless already licensed in financial free zones in the United Arab Emirates.

The UK government will use Brexit to carve a different regulatory program for crypto that could come into law in the next 12 months, according to Andrew Griffith, economic secretary to the Treasury.

“We’ve got control back of our rulebook, not something the UK has had for decades,” Griffith said in an interview with CNBC, referencing Britain’s departure from the European Union. “So we’ve got the ability to move in an agile and proportionate way. And I’m definitely keen we make the most of that opportunity.”

The consultation period for Britain’s proposed crypto regulation ends on April 30 this year. The intention is to make Britain “a safe jurisdiction for cryptoasset activity to take place, fostering innovation and providing firms clarity over the planned regulatory framework.” The new law will particularly focus on “exchange activities, custody activities and lending activities.”

Britain and the EU are on different crypto regulation paths

The EU is taking a different path. Its proposals for new regulation on Markets in Crypto-Assets (MiCA) are currently more detailed. They will focus on stablecoins, central bank digital currencies (CBDCs), threats to financial stability and consumer protection.

Griffith said the UK’s new crypto laws would run alongside traditional finance regulation. “Wherever possible, we want to see the same asset, the same transaction regulated in the same way. But there are some additional opportunities in the crypto asset or distributed ledger space and we want to take advantage of that,” Griffith told CNBC.

Prime Minister Rishi Sunak said last year that he wanted to make “the UK a global hub for cryptoasset technology”.

The crypto industry might not want to get too excited at the notion that the UK will have a comprehensive new regulatory framework for crypto by this time next year. The government began a review of crypto promotion and marketing laws in 2020 and only published its proposed legislation three years later in March of this year. The law is yet to be passed.

Related:

• What the EU’s anti-money laundering regulations mean for crypto

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The surge in outflows of staked ether seen after Ethereum’s Shapella upgrade enabled withdrawals for the first time has stopped after less than a week, with traders once again staking more ether than they’re unlocking. 

Over the past 24 hours, nearly 95,000 ETH was deposited and just over 27,000 ETH was withdrawn, creating a net positive flow of almost 68,000 ETH, according to data provider Nansen. 

Even so, the total amount of ether pending withdrawal remains just under $2 billion in value at nearly 927,000 ETH. That’s down approximately $1 billion from its post-Shanghai high of over $3 billion.

Daily, $61.6 million in ether is being withdrawn, according to data from token.unlocks.

‘A bullish event for Ethereum’

Early outflows of staked ether have been slower than expected, according to Grayscale’s Matt Maximo and Michael Zhao.

Though the analysts claim that withdrawals may continue to grow in the short term, they also noted that withdrawals do not necessarily indicate an intent to sell. Instead, users may rotate their withdrawn ether to different validators or staking providers.

“We believe that the short-term price impact from the Shanghai upgrade will be less severe than initially anticipated, attributable to the lower number of ETH withdrawals and full exits,” they added. “Looking ahead, we think this is a bullish event for Ethereum, as reducing staking risks could boost the baseline demand for ETH.”

Indeed, the price of ether has broadly increased alongside Ethereum’s Shanghai upgrade. It is currently trading above $2,100.

What is Shapella?

The Shapella update for Ethereum — the first significant modification since the protocol shifted away from the energy-intensive proof-of-work consensus mechanism with last year’s Merge — was activated shortly before 6:30 p.m. EDT on April 12 at block height 6209536.

In addition to allowing for the withdrawal of staked ether, it also optimized gas fees for certain transactions.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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