Uphold, a leading cryptocurrency trading platform, has officially resumed its staking services in the United Kingdom after a year-long suspension due to regulatory uncertainty. The relaunch follows a crucial amendment to the UK’s Financial Services and Markets Act 2000 (FSMA) on Jan. 31, which clarified that crypto staking does not fall under collective investment schemes.

Uphold initially halted staking services in the UK and the European Union due to regulatory concerns. CEO Simon McLoughlin stated that the service was previously in a legal gray area, prompting the company to discontinue its offering. However, with the recent regulatory shift, crypto service providers like Uphold can now legally provide staking options to UK users.

The amendment ensures that staking activities do not face the same regulatory scrutiny as traditional collective investments like stocks, bonds, and ETFs. This provides more clarity for crypto platforms and users looking to participate in staking rewards.

Despite the UK relaunch, staking services remain unavailable in the US, Europe, Canada, Japan, Singapore, Venezuela, and other restricted jurisdictions. However, Uphold has announced plans to reintroduce staking in the US and Europe by mid-2025, signaling optimism for further regulatory developments.

McLoughlin expressed confidence that regulatory progress will accelerate in 2025, especially with a more crypto-friendly administration in the US. He believes these changes indicate a future where blockchain-based financial activities become mainstream, allowing more people to benefit from staking rewards.

With the UK now paving the way for staking services, investors and crypto enthusiasts are watching closely as regulatory landscapes continue to evolve worldwide.