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The United Kingdom unveiled a plan to regulate stablecoins and said it will consult on regulating a broader set of crypto asset activities, signifying involvement with an industry with which it has occasionally fought as digital assets gain public appeal.
Stablecoins, a type of crypto asset that is often tethered to a fiat currency such as the dollar, will be brought under the remit of regulators by amending existing electronic payment legislation. The Payment Systems Regulator will also enforce applicable competition regulations for stablecoin-based payment systems. According to the study, the Bank of England will regulate stablecoin operations that have the potential to represent systemic concerns.
“The government considers that an amended e-money framework can deliver a consistent framework to regulate stablecoin issuance and the provision of wallets and custody services,” the U.K. Treasury stated on April 04.
Britain’s primary financial regulators, notably the Bank of England and the Treasury, have increased their scrutiny of the crypto sector in recent months. Some industry professionals have warned of a talent exodus unless a more transparent regulatory framework exists. On Monday, the initiatives announced an attempt to address some of these concerns and help establish Britain as a crypto-friendly environment.
Economic Secretary to the Treasury John Glen described the underlying technology behind crypto, distributed ledger technology, and blockchain as “game-changing” in a speech on Monday and indicated that the United Kingdom is open to the crypto industry. Meanwhile, Chancellor Rishi Sunak has requested that the Royal Mint construct a nonfungible token (NFT) that will be released this summer.
“If crypto-technologies are going to be a big part of the future, then we — the U.K. — want to be in, and in on the ground floor,” Glen said at the Innovate Finance Global Summit that was in London.
According to Bloomberg, and Chris Perkins, head of CoinFund, a blockchain-focused investment firm, it is critical that governments worldwide maintain consistency and transparency when it comes to stablecoin regulation.
“This will give founders and entrepreneurs the confidence to innovate, create and drive value. Stablecoins power web3. With the right policies in place, stablecoins will be a huge opportunity — not a threat — for the global financial system,” stated Perkins.
Former Chancellor of the Exchequer Philip Hammond, a senior adviser for crypto startup Copper, warned in January that Britain has slipped behind other European banking hubs to enact precise crypto regulation.
