With the rising popularity of cryptocurrencies, the UK Government brings a regulatory framework on stablecoins for payments. The economic secretary of the Treasury said that if crypto is going to be the future, they want to be in on the ground floor. The authorities have informed that they plan to amend existing frameworks on crypto and make it suitable for stablecoins used as a payment medium.
Stablecoin regulation in the UK
The United Kingdom government is looking at stablecoins as a viable medium for payments. They have concluded the same after a long consultation with various individuals, organizations, and universities. For this, they are planning to make changes to payments and electronic money legislation. With stablecoins becoming an effective payment medium in the UK, the adoption of cryptocurrencies will rise significantly.
It’s a great step that the UK is taking, but it doesn’t just stop there. The Finance minister has reported that the amendments to the framework are just one of the many things they are planning. There is a lot on the way to help crypto enter the United Kingdom. In fact, the government has also formed an engagement group for crypto to collaborate with the industry. They might even consider taking a second look at the tax system to encourage crypto adoption.
The chancellor of the UK Treasury, Rishi Sunak, said that his ambition is to make the UK a global hub for crypto tech. At the same time, the financial services industry of the nation will be at the forefront of it. Crypto lending could also become a significant thing in the UK soo. This is because the economic secretary of the Treasury is looking at ways how the same can be incorporated into the country’s tax system.
The future of crypto is bright!
Almost all nations are looking at crypto positively and are bringing regulations that encourage its growth. First, the executive order of the US and now the UK regulating the stablecoin market shows how far we have come in the industry. Yes, there are some countries that are still far from adopting a positive approach towards the industry, but we will definitely get there.
What are your thoughts on the UK Government as it brings a regulatory framework on stablecoins? And do you think that the positive steps taken by the US and UK will convince other nations to follow them? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Australian crypto influencers face restrictions for spreading misinformation.
