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UK Proposes Regulations That Would Recognize Stablecoins As A Form Of Payment

The Defiant | | May 16, 2022

UK global cryptoasset hub - UK Proposes Regulations That Would Recognize Stablecoins As A Form Of PaymentStablecoins haven’t looked so stable recently. The United Kingdom doesn’t seem to be too worried

Despite the recent collapse of Terra’s UST stablecoin, the U.K. government will move forward with proposed regulations that would facilitate stablecoins’ use  “as a recognised form of payment,” according to a report from The Telegraph.

A spokesman for Her Majesty’s Treasury told the U.K.-based newspaper said:

Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill which was announced in the Queen’s Speech.

Apr 5:  UK government: Sets sights on being a global hub for cryptoasset technology with flexible future regulation

The UK government said in a report issued last month after more than 12 months of study:

[Fiat-backed stablecoins] have the capacity to potentially become a widespread means of payment.  An amended e-money framework can deliver a consistent framework to regulate stablecoin issuance and the provision of wallets and custody services.

‘Global Hub For Crypto Assets’

Rishi Sunak, the Chancellor of the Exchequer said:

We want to see the businesses of tomorrow – and the jobs they create – here in the UK,” he continued, and by regulating effectively we can give them the confidence they need to think and invest long-term.

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