The UK's economic secretary, Tulip Siddiq, has confirmed that the country's new crypto regulations will not exempt staking services, a move that may impact the industry's growth. Staking services, which allow investors to earn yields by supporting blockchain networks, had hoped to be excluded from the regulatory framework.

The news comes as the UK government introduces a new bill aimed at providing greater legal protections for crypto assets such as Bitcoin and NFTs, designating them as "personal property" under the proposed law. The development is significant for the fintech industry, as it seeks to establish clearer guidelines for the sector.

The UK's stance on crypto regulations is being closely watched by the global fintech community, as it may set a precedent for other countries. The government's intention to remove legal uncertainty in the sector is expected to boost investor confidence and drive innovation in the industry.