According to Cointelegraph, cryptocurrency trading platform Uphold has reinstated its staking services in the United Kingdom following recent regulatory amendments. The company announced on February 2, 2025, that it has relaunched staking in compliance with a UK Treasury amendment that took effect on January 31. This move comes a year after Uphold had ceased offering staking services in the UK and the European Union due to regulatory uncertainties. Uphold CEO Simon McLoughlin explained that the decision to halt staking services was initially made because the legal framework was unclear. However, recent changes in financial policies have paved the way for the return of these services.
The UK Treasury's amendment to the Financial Services and Markets Act 2000 (FSMA) on January 8, 2025, played a crucial role in this development. The amendment clarified that arrangements for qualifying crypto asset staking do not constitute a collective investment scheme. This distinction is significant because collective investments, such as stocks, bonds, and exchange-traded funds, are subject to stringent regulatory scrutiny due to their complexity. By excluding crypto staking from these arrangements, the Treasury has allowed platforms like Uphold to resume their services. McLoughlin noted that the amendment provides much-needed clarity and enables regulated crypto service providers to offer staking services to UK customers.
While Uphold has resumed staking in the UK, the service remains unavailable in several regions, including the United States and Europe. McLoughlin expressed optimism about expanding staking services to these areas, stating that Uphold plans to relaunch in both jurisdictions by June 2025. Currently, Uphold does not offer staking in Canada, Japan, Venezuela, Singapore, and other regions where its services are generally unavailable. Despite these limitations, McLoughlin remains hopeful about future regulatory developments, particularly in the US, where a crypto-friendly administration could lead to significant progress in 2025. He emphasized that these regulatory changes are steps toward mainstream adoption of financial assets managed on blockchains, allowing ordinary people to earn rewards through participation in this emerging technology.
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