Digital payments platform Uphold has resumed offering cryptocurrency staking services to its customers in the UK, following the Treasury’s amendment to the Financial Services and Markets Act 2000.
The amendment exempted cryptocurrency staking and storage services from the “collective investment scheme” category, easing regulatory restrictions and facilitating the provision of these services more flexibly.
The regulatory update came into effect on January 31, giving registered crypto asset service providers the legal clarity to offer staking services in the UK market.
Uphold noted in a press release that the amendment allows users to earn rewards for supporting blockchain networks.
Uphold customers can now stake cryptocurrencies such as ETH, SOL and NEAR, with the potential to earn returns of up to 14.8% depending on market conditions.
Simon McLaughlin, the company’s CEO, commented:
Staking is a core part of many blockchain networks.
It allows cryptocurrency holders to use their assets to support transaction validation.
With the legal framework now clear, we can now offer this essential feature to our UK users, while making staking rewards more accessible than ever before.
While Uphold has reactivated its staking service in the UK, it remains suspended in the US due to ongoing regulatory uncertainty.
This suspension began in late April 2023 after the company received guidance from the US Securities and Exchange Commission (SEC).
