Relevant regulations are being formulated, will stablecoins become a payment tool in the UK?
Stablecoins backed by fiat currencies will be considered a form of payment, U.K. regulators submitted new rules governing the use of stablecoins to the country’s parliament on Wednesday.
The long-awaited Financial Services and Markets Bill has the backing of UK Finance Minister Nadhim Zahawi.
One of the goals of the bill is to restructure the UK's financial services industry to take advantage of Brexit. The bill is expected to help the post-Brexit financial services industry become more competitive.
Speaking at the annual Mansion House bankers dinner, Zahawi said: "Consumers will continue to be protected by legislation we will protect consumers from fraud and secure cash for the millions who depend on it。”
In addition to providing funds to those in need and ensuring access to rural areas, the measure is designed to combat other types of crypto theft.
The British government has previously acknowledged thatDigital assets will play a role in post-Brexit economic competitiveness strategy。
In April, the U.K. Treasury unveiled a series of initiatives aimed at transforming the country into a global crypto hub. The announcement promises that the new law will allow users to safely use stablecoins as a form of payment.
The proposed law is in response to the Treasury’s commitment to explore the legal status of DAOs in 2023 and open up a market infrastructure environment for crypto entrepreneurs.
The announcement is also in line with Prince Charles' speech to the UK Parliament on May 10, highlighting the UK government's upcoming legislative agenda.
On behalf of the Queen, Prince Charles said:The government will introduce new legislation to improve the UK's financial services industry and ensure it acts in the best interests of all communities. Two of the proposals directly mentioned Crypto。
In 2021, the majority of Crypto holders in the U.K. excluding Northern Ireland hold BTC. In this regard, BTC and ETH are likely to be mentioned in the bill.
Meanwhile, the UK has shown interest in becoming a global crypto destination.
However, the recent resignations of crypto advocates Treasury Secretary Rishi Sunak and Treasury Secretary Jon Glen have had some impact on these plans.
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint.
