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Economic Secretary Bim Afolami said that the government could put through stablecoin and staking legislation in the coming weeks but will outline was is coming later.

A London court heard of the seizure Tuesday as part of the trial of Jian Wen, who is accused of laundering bitcoin on behalf of her former employer, Yadi Zhang, FT reported.

Olumide Osunkoya, 45 year old Londoner has been accused of running crypto ATMs that processed british pounds 2.6 million ($3.4 million) in crypto transactions across various locations.

The two suspects were interviewed under caution by the FCA and then released on bail.

The FCA's actions have led to the removal of 48 apps from U.K. app stores, Lucy Castledine, the regulator's director of consumer investments, said in an interview.

The FCA approved only four of the 35 applications it received in the year ended March 31.

The DSS will last five years and could lead to a new regulatory regime for securities settlement.

The Labour Party has been silent on crypto, but said it is interested in promoting tokenization in the country.

In July it was ruled that Wright was only entitled to just 1 GBP in compensation for a libel claim against bitcoin podcaster Peter McCormack.

The U.K.'s long awaited crypto rules are starting the legislative process just as the European Union's take effect.