UK plans to regulate stablecoins more carefully

The British Treasury is developing a plan of legislative initiatives that will make the country “a leader in technology and innovation.”

The Ministry of Finance plans to regulate stablecoins as a means of payment, despite the collapse of the digital currency market that began last week. About it reported edition of The Telegraph. A spokesman for the ministry said that legislation to regulate stablecoins used as a means of payment will be part of the Financial Services and Markets Bill, which was announced by the Queen of Great Britain.

The new legislation is intended to create a comfortable working and growth environment for issuers and service providers in the United Kingdom, to ensure financial stability and high regulatory standards.

The UK government does not plan to include algorithmic stablecoins in the regulatory legislation, such as the collapsed UST was. A spokesman for the ministry said the government had made it clear that not all stablecoins are suitable for payments, as they do not guarantee stability.

Recall, last week, Prince Charles read out a speech by Queen Elizabeth II, in which he outlined the legislative agenda of the British government for the upcoming parliamentary year. Two bills mention cryptocurrency assets. The British authorities promise to turn the country into a global center for the digital industry, making it friendlier to cryptocurrency companies.

One of the main tasks of the government is the creation of a regulatory framework for digital currencies, which would encourage the conduct of crypto business and make it safe for investors. Chancellor of the Exchequer Rishi Sunak said the plan would put the country’s financial services industry at the forefront of technology and innovation.

Earlier, the UK Revenue and Customs Authority (HMRC) announced that it would allow crypto investors to offset losses through future tax revenues.