UK regulators will introduce rules for stablecoins in the New Markets Bill today. The bill includes regulation of stablecoins as a means of payment.
- UK to have specific rules for stablecoins
- They will be included in the draft law on financial services and markets.
- New finance minister says cryptoassets must be safely adopted
UK regulators are introducing in the UK the Parliament country a legal project that includes rules for the use of stablecoins as payment tools. The rules are part of a project of Financial Services and Markets Act long-awaited, aimed at strengthening the UK’s financial system in the wake of the Brexit, which will be presented to the legislature in the next few hours, according to a report by Coindesk.
The government has previously said that cryptocurrencies will play a role in the broader strategy post the Brexit of the country to increase economic competitiveness. In April, the UK Treasury, the government’s financial arm, announced a set of initiatives to help turn the country into a global crypto hub. The announcement promised new rules that would allow consumers to use stable coins for payments with confidence.
But a dramatic drop in the cryptomarket, followed by the resignations of cryptocurrency-friendly Finance Minister Rishi Sunak and top Treasury official Jon Glen, threatened to upset plans.
In May, the collapse of the stable currency currency is a medium of exchange that defines value. terraUSD led the Bank of England, the UK’s central bank, to publish a consultation on its plans to regulate similar cryptoassets, and proposed that the bank be given the power to appoint administrators to oversee insolvency proceedings. for failed issuers of stable coins. In addition, the Financial Conduct Authority, UK regulator, and the Treasury Department, said that same May that would examine the collapse of the ecosystem tokens Earth , q This will serve as a study to create new rules for crypto assets.
Earlier this month, the deputy governor of the Bank of England Jon Cunliffe, hinted at a delay in news on crypto-regulations in light of the cabinet reshuffle, but promised rules on stable coins before the August summer break.
In explaining the new bill during his first speech as Finance Minister newly appointed on Tuesday, Nadhim Zahawi said that the legal framework “reinforces the UK’s position as a leading technology hub as we embrace cryptoassets securely.”
He further added that “ protects access to cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. for generations to come, allows regulators to require that victims of automatic payment scams be reimbursed.” . To this he said: “ I fully support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. the industry and regulators’ initiatives to go further and stop fraud in the first place. In short, the Bill offers far-reaching reforms to our financial regulation, which we will deliver in partnership with the industry.
It should be recalled that in May of this year thereina Isabel de Inglaterra pidió regulación del mercado cripto.
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