As the Treasury eases regulations, Uphold resumes cryptocurrency staking in the UK.

After the Treasury amended the Financial Services and Markets Act 2000 to remove cryptocurrency staking from the "collective investment scheme" category, which means that staking operations are no longer as strictly regulated, digital payments provider Uphold has started offering cryptocurrency staking services to UK consumers.

It is on January 31 that the amendment takes effect, as established by the company in a press release. It means that clarity for registered crypto-asset service providers is now established for offering staking services in the UK market and permits rewards from supporting blockchain networks to be received by users.

These digital assets are the ETH, SOL, and NEAR among which Uphold users can invest in; they could potentially fetch as much as 14.8% based on the prevailing market conditions.

Many blockchains natively support staking. As the CEO of Uphold, Simon McLoughlin said, "it gives cryptocurrency owners a legitimate way to make use of their assets while also helping to contribute to the validation process of a blockchain." "With the clarification in law, we can now offer this core feature to our UK users, and as you would expect from Uphold, we'll make accessing staking rewards easier than any other platform."

Users can participate in transaction validation and receive rewards, if they reach the minimum balance requirements to cover the PoS tokens. Uphold offers this service through its platform that functions in over 140 different nations.

UK customers can now access cryptocurrency staking through Uphold while the company stops offering this service to users in the United States due to regulatory uncertainty. Uphold stopped staking services after receiving guidance from the US SEC on late April 2023.

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