Labour reveals plans to tackle ‘generational’ school absences challenge

Published

1 year ago

January 7, 2024

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Labour says it will introduce additional mental health counsellors to secondary schools as part of its plans to tackle rising pupil absences.

The party says the UK is facing a “generational challenge”, as more than 88,000 secondary school students missed at least half of their education last year.

Labour’s education pledge comes as a poll conducted for the Centre for Social Justice (CSJ) suggested almost a third of parents believe it is not essential for children to attend school every day.

The thinktank’s report, which questioned 1,206 parents during December 2023, found 28% felt that way, and only 70% of parents are confident that their child’s needs are being met – a figure which drops to 61% at secondary school.

A report by a committee of cross-party MPs released in September last year said that mental health support for children struggling to attend school was “grossly inadequate”.

As well as the introduction of more mental health counsellors in secondary schools, Labour is pledging to put “mental health hubs” in every community and offer universal free breakfast clubs for every primary school pupil if it gains power.

Shadow education secretary Bridget Phillipson will deliver a speech on Labour’s vision for schools on Tuesday, where she is expected to lay out a plan for tackling high rates of persistent absence.

She said the “broken relationship between schools and families” needs fixing.

The Conservatives “are only tinkering around the edges of a generational challenge,” Ms Phillipson said.

She added: “Persistent absence has reached historic levels under the Conservatives, beginning even before the pandemic, and they cannot be trusted to fix a problem that they have caused.

“Only Labour has a long-term plan to tackle the attendance crisis and drive the high and rising standards our children deserve.”

Figures released in September last year showed that more than 1.7 million children were persistently absent in 2021/2022, meaning they missed 10% or more of school.

The government has previously committed to introducing a children-not-in-school register, which would make it easier to track which pupils were being electively home-educated, flexi-schooled, or receiving alternative education in an unregistered setting.

Education secretary Gillian Keegan reiterated the government’s intention to introduce the register in November last year but didn’t say when the plans would be brought before parliament.

She said there was “a lot of work going on”, and referenced a consultation that was launched on revised elective home education guidance.

“The consultation is open until 18 January 2024. So there is a lot of work going on and we do intend to bring forward that legislation,” she said in the Commons.

Politics

GENIUS Act ‘legitimizes’ stablecoins for global institutional adoption

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4 hours ago

May 21, 2025

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GENIUS Act ‘legitimizes’ stablecoins for global institutional adoption

Stablecoin adoption among institutions could surge as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector.

After failing to gain support from key Democrats on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 66–32 procedural vote on May 20 and is now heading to a debate on the Senate floor.

The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.

“This act doesn’t just regulate stablecoins, it legitimizes them,” said Andrei Grachev, managing partner at DWF Labs and Falcon Finance.

“It sets clear rules, and with clarity comes confidence. That’s what institutions have been waiting for,” Grachev told Cointelegraph during the Chain Reaction daily X spaces show on May 20, adding:

“Stablecoins aren’t a crypto experiment anymore. They’re a better form of money. Faster, simpler, and more transparent than fiat. It’s only a matter of time before they become the default.”

Senate bill seen as path to unified digital system

The GENIUS Act may be the “first step” toward establishing a “unified digital financial system which is borderless, programmable and efficient,” Grachev said, adding:

“When the US moves on stablecoin policy, the world watches.”

Republican Senator Cynthia Lummis, a co-sponsor of the bill, also pointed to Memorial Day as a “fair target” for its potential passage.

Grachev said regulatory clarity alone will not drive institutional adoption. Products offering stable and predictable yield will also be necessary. Falcon Finance is currently developing a synthetic yield-bearing dollar product designed for this market, he noted.

Yield-bearing stablecoins now represent 4.5% of the total stablecoin market after rising to $11 billion in total circulation, Cointelegraph reported on May 21.

GENIUS Act regulatory gaps don’t address offshore stablecoin issuers

Despite broad support for the GENIUS Act, some critics say the legislation does not go far enough. Vugar Usi Zade, the chief operating officer at Bitget exchange, told Cointelegraph that “the bill doesn’t fully address offshore stablecoin issuers like Tether, which continue to play an outsized role in global liquidity.”

He added that US-based issuers will now face “steeper costs,” likely accelerating consolidation across the market and favoring well-resourced players that can meet the new thresholds.

Still, Zade acknowledged that the legislation could bring greater “stability” to regulated offerings, depending on how it is ultimately worded and enforced.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Hong Kong passes stablecoin bill, set to open licensing by year-end

Published

4 hours ago

May 21, 2025

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Hong Kong passes stablecoin bill, set to open licensing by year-end

Hong Kong’s Legislative Council passed the Stablecoin Bill, paving the way for a regulated framework that could position the region as a global leader in digital assets and Web3 development.

In a May 21 post on X, Legislative Council member Johnny Ng Kit-Chong said the bill had passed its third reading, clearing the final hurdle for adoption.

“It is expected that by the end of this year, major institutions will be able to apply to the Hong Kong Monetary Authority to become licensed stablecoin issuers,” Ng said.

According to the new Hong Kong legislation, stablecoins must be backed by fiat currency as underlying assets. Ng said Hong Kong is welcoming “global enterprises and institutions interested in issuing stablecoins to apply in Hong Kong,” offering to personally assist with introductions and collaboration:

“I am also happy to facilitate connections and collaborate with all stakeholders to advance the development of Web3 in Asia and globally, with Hong Kong at the center.“

Hong Kong aims to become a Web3 powerhouse

Ng said the legislation marks the first step on the road toward building Web3 infrastructure in Hong Kong. “The most crucial step is to develop more real-world applications.”

Ng said stablecoin adoption has the potential to drive innovation in retail payments, cross-border trade and peer-to-peer transactions.

He added that he encourages the development and adoption of stablecoins, since “they represent a major financial innovation.” Regarding enhancing market stability, Ng suggested distributing interest earnings to stablecoin holders.

Interest for stablecoin holders

According to Ng, “providing interest will strengthen the competitiveness of stablecoins.” This increased competitiveness, he explained, incentivizes broader participation and expands stablecoin market share, which supports what he views as sustainable growth.

Ng’s remarks that yield-bearing stablecoins are more competitive follow recent positive data. Research indicates that yield-bearing stablecoins have soared to $11 billion in circulation, representing 4.5% of the total stablecoin market, a steep climb from just $1.5 billion and a 1% market share at the start of 2024.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Published

7 hours ago

May 21, 2025

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Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Bitcoin Suisse secured an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), marking a major step in the Swiss crypto firm’s expansion beyond the European Union.

The Swiss crypto financial service provider received the in-principle approval through its subsidiary BTCS (Middle East), according to a May 21 news release.

The IPA is a precursor to a full financial services license, which would allow Bitcoin Suisse to provide regulated crypto financial services such as digital asset trading, crypto securities and derivatives offerings, as well as custody solutions.

The approval reflects the firm’s “strong commitment to maintaining the highest standards of transparency, security, and regulatory compliance,” according to Ceyda Majcen, head of global expansion and designated senior executive officer of BTCS (Middle East).

“Abu Dhabi, one of the Middle East’s fastest-growing financial centers, presents a compelling opportunity for growth. We look forward to working closely with the FSRA to obtain our full license,” Majcen wrote in a May 21 X announcement.

This marks Bitcoin Suisse’s first expansion outside of the European Union.

Founded in 2013, Bitcoin Suisse played a significant role in developing the country’s crypto ecosystem and has been a key contributor to Switzerland’s Crypto Valley, a Switzerland-based blockchain ecosystem valued at more than $500 billion.

Crypto firms bet on Middle East as next global crypto hub

Increasingly more crypto firms are expanding into the Middle East, seeing the region as the next potential global crypto hub due to its business-friendly regulatory licensing environment.

On April 29, Circle, the issuer of the world’s second-largest stablecoin, USDC (USDC), received an in-principle approval from the FSRA, moving one step closer to the full license to become a regulated money service provider in the United Arab Emirates.

A day earlier, the Stacks Asia DLT Foundation partnered with ADGM, becoming the first Bitcoin-based organization to establish an official presence in the Middle East, Cointelegraph reported on April 28.

As part of the partnership, the Stacks Foundation aims to advance progressive regulatory frameworks in the Middle East.

“We’re not just focused locally — our team is engaged in global conversations, advocating for frameworks that balance decentralization, security, innovation, and compliance surrounding the unlocking of Bitcoin capital,” Kyle Ellicott, executive director at Stacks Asia DLT Foundation, told Cointelegraph.

The foundation is also developing the Bitcoin Capital Activation Framework, described as a comprehensive policy blueprint to help regulators enable Bitcoin utility in their jurisdictions.