Uphold is back in the staking game in the UK! After a year-long hiatus, the popular crypto trading platform has announced that it’s resuming its staking services, and it’s all thanks to some new regulatory changes.
Welcome back, staking!
Uphold hit pause on staking last year due to a murky legal situation, but now, following a tweak by the UK Treasury, they’re ready to roll again.
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The change, which kicked in on January 31, clarifies that staking doesn’t fall under the collective investment scheme rules, meaning it’s no longer tangled up in red tape.
Simon McLoughlin, Uphold’s CEO, explained that this amendment brings much-needed clarity and allows regulated platforms like theirs to offer staking services to UK customers once more.
Staking in the UK, but staking only for the UK?
But some experts are still concerned, because while the UK is getting its staking groove back, users in the US and Europe are still left out in the cold.
McLoughlin hinted that they’re wanting to launch staking services there by June 2025. Until then, countries like Canada, Japan, and Venezuela will also have to sit on the sidelines.
Proof of stake, aka stakeholder voting
Staking is a big deal in the crypto world, it’s like putting your money to work while you sleep.
McLoughlin expressed his excitement about the regulatory changes, saying it’s great to see ordinary people being able to earn rewards from this tech.
He’s optimistic about future developments too, especially with a crypto-friendly vibe expected in the US come 2025.
