According to Odaily Planet Daily, Bim Afolami, the economic secretary of the British Treasury, said at the Global Summit on Innovative Finance that the British government plans to propose legislation for stablecoins and crypto asset pledges, exchanges and custody by June or July. Afolami said they are working hard to pass legislation to put their final recommendations to the regime in place. Once these legislations are online, a range of crypto asset activities, including operating exchanges and custody of customer assets, will come under regulatory jurisdiction for the first time.