Home » The UK has a new name for stablecoins and a new bill to regulate crypto

The UK has a new name for stablecoins and a new bill to regulate crypto

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The UK advanced the Financial Services and Markets Bill on October 25th, reinforcing its vision for Bitcoin (Bitcoin) cryptocurrencies and national “digital payment assets”.

of Specificationproposed on 18 October, “a series of measures to maintain and strengthen the UK’s position as a global leader in financial services and to ensure that the sector continues to serve individuals and businesses across the country”. suggested to do

The bill reaffirms the UK’s intentions to become a global cryptocurrency hub, with comments echoed by Dr Lisa Cameron, Member of Parliament and Chair of The Crypto and Digital Assets All-Party Parliamentary Group.In her exclusive interview with Weekend Cointelegraph, She explained that cryptocurrencies are on lawmakers’ radars, although they need a lot of education.

The bill builds on existing measures to expand regulation of stablecoins, moving away from the use of “crypto assets” and referring to “digital payment assets” (DSA) as a new term. increase. According to the UK government, “Crypto assets use some form of distributed ledger technology (DLT),” but DSA includes: stablecoin “Given its potential to develop into a wide range of payment instruments.”

The British government used to Aiming for a “countermeasure package” To improve regulation and transparency surrounding blockchain, crypto and bitcoin.

Elsewhere, new Prime Minister Rishi Sunak also said: Interest in specific areas of cryptocurrencyhis support for creation, etc. Royal Mint Nonfungible Token.

Rishi Sunak was a proponent of the first ‘Royal Mint NFT’ that has yet to materialize. Source: HMRC

The youngest leader to take office at 10 Downing Street, central bank digital currency.

Related: UK Inflation Hits 10.1%, UK Bitcoin Community Reacts

Recognition of crypto-assets and digital assets as financial instruments is not yet regulated by law. The bill has to go through important steps. The House of Lords must approve or amend the bill before final royal approval by the new monarch, Charles III.