UK flag, and justice goddess Themis with crypto coins, UK to regulate stablecoins for payments in crypto hub push

UK to regulate stablecoins for payments in crypto hub push

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The U.K. has released a detailed plan to regulate stablecoins as payments along with an intention to create a blockchain sandbox to mark Her Majesty’s entry into the “crypto hub” race.

See related article: UK regulator may cancel Eqonex’s registration over Binance, Bifinity ties

Fast facts

  • The government plans to amend the Banking Act 2009 and the Financial Services (Banking Reform) Act 2013 to bring certain stablecoin payments into its regulatory purview.
  • Economic Secretary John Glen said the Bank of England and the Financial Conduct Authority will launch a regulatory sandbox to test distributed ledger technology (DLT) in the financial market and explore issuance of sovereign debts such as British government bonds.
  • Glen added that they will also start a consultation later this year on expanding regulating scope to further crypto assets such as Bitcoin, while taking into account the energy consumption of the industry.
  • The Royal Mint has been tasked with creating non-fungible tokens (NFTs) this summer, but details have not been made public.

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