Committed to "encryption friendly", the British Treasury plans to regulate stablecoins and issue NFT

念银思唐

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2022-04-05 22:57 (UTC+8)

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The Royal Mint will release the NFT in the summer.

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The Royal Mint will release the NFT in the summer.

This article comes fromThe Block, Original Author: Lucy Harley-McKeown

Odaily Translator | Nian Yin Si Tang

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This article comes from

, Original Author: Lucy Harley-McKeown

- The UK Treasury took steps to bring stablecoins under regulation, paving the way for their use as an accepted form of payment in the UK.

In a press release, the Treasury Department said the moves would allow stablecoins to be considered a valid form of payment, adding that, with proper regulation, they could provide a more efficient method of payment and broaden the reach of consumers. s Choice. The British government plans to legislate to include stablecoins used as a means of payment into the scope of payment regulation, creating conditions for stablecoin issuers and service providers to operate and invest in the UK.

"We want to see the businesses of the future - and the jobs they create - located in the UK, where with effective regulation we can give them enough confidence to consider and make long-term investments," Sunak said.

Sunak also filed a request with the Royal Mint to issue NFTs.

- The Treasury also said that the Royal Mint will issue NFTs in the summer.

In addition to these regulations, the Treasury will introduce a “Financial Market Infrastructure Sandbox” to enable businesses to experiment and innovate, notably by testing distributed ledger technologies. The government confirmed that it will launch a research program to explore the feasibility and potential benefits of using distributed ledger schemes for sovereign debt instruments, in addition to exploring ways to improve the competitiveness of the UK tax system to encourage further development of the crypto asset market.

Sunak also filed a request with the Royal Mint to issue NFTs.B2C2、Blockchain.comandThe Royal Mint is a government-owned mint that mints coins for the United Kingdom. The agency said in an emailed statement that more details would be released in due course.The HM Treasury said via its official Twitter account that the move underscores "our determination to take a forward-looking (regulatory) approach to UK crypto assets". The tweet also stated that the NFT will be released this summer.

The move comes amid a long period of confusion over U.K. cryptocurrency regulation, with crypto firms in the country awaiting a ruling from the financial watchdog on anti-money laundering licenses. The process, through the UK's Financial Conduct Authority (FCA), has forced many firms to consider their place in the UK market, including cryptocurrency market makers

Wallet company Wirexcall, these companies have instead opted to seek licenses elsewhere.

The ASA said compliance with the guidelines for cryptocurrency advertising is a priority for Red Alert. The ASA’s new guidelines require cryptocurrency ads to state that “cryptocurrencies in the UK are not regulated and that their investment value is variable and may fall”. Additionally, it should not be stated or implied that this is an easy investment decision that is suitable for everyone, nor should FOMO be promoted. In January, the United Kingdom announced it would tighten regulations on cryptocurrency advertising and push for legislation to protect consumers.sayBut at the same time, the UK regulator has not given up on its goal of establishing itself as a crypto-friendly country. On Monday, FCA