Umair
Key Takeaways
- Uphold has relaunched crypto staking services in the UK due to a regulatory update.
- UK customers can now stake tokens like Ethereum, Solana, and NEAR with returns up to 14.8%.
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Digital payments platform Uphold has resumed offering crypto staking services to UK customers following a Treasury amendment to the Financial Services and Markets Act 2000 that exempts crypto staking from the “collective investment scheme” category, facilitating less regulated staking activities.
Taking effect on January 31, the regulatory update provides clarity for registered crypto-asset service providers to offer staking services in the UK market, allowing users to earn rewards for supporting blockchain networks, the company shared in a press release.
Uphold customers can now stake digital assets including ETH, SOL, and NEAR, with some tokens offering returns up to 14.8% based on market conditions.
“Staking is an inherent function of many blockchains. It creates a legitimate way for crypto holders to put their assets to work while supporting the validation process of a blockchain,” said Simon McLoughlin, CEO of Uphold. “With the legal clarification, we can now offer this core feature to our UK users and, as you’d expect from Uphold, we’ll make accessing staking rewards easier than any other platform.”
Users who meet the minimum balance requirements for supported PoS tokens can participate in transaction validation and earn rewards. The service is available through Uphold’s platform, which operates in more than 140 countries.
While Uphold reopened crypto staking in the UK, the company continues to suspend the service in the US due to regulatory uncertainty. The suspension came into force in late April 2023, following guidance from the US SEC.
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