09 Feb 2025

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Uphold Resumes Staking in the UK After Treasury Clarification

Uphold Resumes Staking in the UK After Treasury Clarification

Uphold, a crypto exchange and forex trading platform, has resumed staking in the UK. This follows the UK Treasury’s clarification on the role of crypto staking.

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In an amendment to the Financial Services and Markets Act 2000, the Treasury confirmed that staking does not fall under collective investment schemes (CIS), which are heavily regulated.

The new rules took effect on January 31, 2025. Around the same time, Uphold updated its support page, removing the UK from the list of locations where staking is unavailable.

Staking remains unavailable in jurisdictions like the U.S., Canada, Japan, Venezuela, and Singapore.

Uphold’s support page explaining staking eligibility. It mentions that staking is not available in several major regions, including the U.S. and Europe: Source: uphold Support 

Uphold’s staking feature lets users earn rewards by supporting Proof of Stake (PoS) blockchains that process transactions and create new blocks.

Here’s how it works: When users stake their crypto through Uphold and its partners, they pledge their coins to a validator. When a new block is ready, the PoS protocol selects a validator to verify transactions and add the block to the chain. In return, the validator earns a reward.

Each PoS blockchain has its own way of picking validators—some use randomization, while others prioritize those who have staked more or for a longer time.

As long as you meet the minimum staking requirement for a supported token, you can take part in the process and earn rewards, which are automatically credited to your account.

Uphold had paused staking in the UK last year due to regulatory concerns.

Is the UK Heading Toward Clearer Regulations? 

At the end of 2024, Tulip Siddiq, the Secretary to the UK Treasury announced that the government plans to introduce draft crypto regulations in early 2025.

Clearer rules could help the UK stay competitive in the global crypto market, giving startups and businesses more regulatory certainty.

For now, the UK seems to be taking a measured approach, distinguishing between different crypto activities instead of imposing blanket restrictions. Whether this signals a long-term shift toward friendlier regulations remains to be seen.

That being said, the overall regulatory environment is becoming more favorable for the industry. With the U.S. now having a pro-crypto president in Donald Trump, who has floated the idea of a national crypto reserve, other governments may also rethink their stance on digital assets.

If the trend continues, 2025 could be a defining year for crypto regulation worldwide. 

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