TLDR
- UK Treasury’s regulatory update has enabled Uphold to bring back crypto staking services
- Available tokens include ETH, SOL, and NEAR with potential yields reaching 14.8%
- Staking services resumed on January 31, 2024, after reclassification of crypto staking
- The platform currently excludes US customers due to SEC guidelines
- UK users must meet minimum balance requirements to participate
Digital platform Uphold has announced the return of its cryptocurrency staking services to the United Kingdom market, marking a new phase for UK crypto users. The relaunch follows a recent amendment to the Financial Services and Markets Act 2000 by the UK Treasury.
The regulatory update, which took effect on January 31, 2024, removes crypto staking from classification as a “collective investment scheme.” This change creates a clearer pathway for registered crypto platforms to offer staking services to UK customers.
UK users can now access staking options for several major cryptocurrencies through the Uphold platform. The available tokens include Ethereum, Solana, and NEAR, with some offering potential returns of up to 14.8%, though these rates fluctuate with market conditions.
Uphold’s CEO Simon McLoughlin addressed the development in a recent press release, explaining the role of staking in blockchain networks. He described staking as a core function that enables crypto holders to support network validation while putting their assets to work.
The platform emphasizes user accessibility in its approach to staking services. McLoughlin stated that Uphold aims to provide the easiest path to staking rewards compared to other platforms in the market.
For interested UK crypto holders, participation requires meeting specific minimum balance requirements for each Proof of Stake token. These thresholds vary by cryptocurrency and ensure meaningful participation in network validation.
The contrast between UK and US markets becomes apparent in Uphold’s service availability. While UK users gain access to staking services, US customers remain unable to participate due to regulatory guidance from the Securities and Exchange Commission since April 2023.
Uphold continues to maintain its global presence across more than 140 countries. However, the platform adjusts its services based on local regulatory frameworks, leading to different offerings in various regions.
The Treasury’s amendment represents a shift in the UK’s approach to crypto staking. By removing it from the collective investment scheme category, the government has created a more straightforward regulatory environment for service providers.
This regulatory clarity enables UK crypto holders to explore new ways to engage with their digital assets. Through staking, users can participate in blockchain network operations while potentially earning rewards on their holdings.
The platform integrates staking functionality within its existing infrastructure. This integration allows users to manage their staked assets alongside other cryptocurrency activities on the Uphold platform.
The regulatory update affects the broader UK crypto market beyond Uphold. Other registered crypto-asset service providers may also introduce or modify their staking services under the new framework.
McLoughlin highlighted the practical aspects of staking for users. The service allows cryptocurrency holders to actively support blockchain networks through validation while earning rewards for their participation.
Each supported token maintains its own minimum balance requirement for staking. These requirements ensure participants hold enough stake to contribute meaningfully to network operations.
Uphold’s approach to regional services demonstrates the impact of local regulations on cryptocurrency platforms. The company continues to adapt its offerings to comply with varying regulatory requirements across different jurisdictions.
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