Uphold, a digital payments platform, is now able to offer crypto staking services to UK customers again. This is due to a recent update to the Financial Services and Markets Act 2000, which exempts staking from being considered a “collective investment scheme.”
This change allows staking activities to be less regulated and provides clarity for registered crypto-asset service providers. Uphold customers can now stake digital assets such as ETH, SOL, and NEAR, with potential returns of up to 14.8% depending on market conditions.
Uphold’s CEO, Simon McLoughlin, stated that staking is a fundamental function of many blockchains and allows users to earn rewards while supporting the blockchain’s verification process.
With this legal clarification, Uphold is confident in offering this feature to its UK users and aims to make it easily accessible compared to other platforms.
