U.K. Regulators to present guidelines for using stablecoins as payment instruments to the parliament
Regulators in the U.K. are presenting guidelines for using stablecoins as payment instruments to the nation's parliament on Wednesday.
The regulations are a component of the long-awaited financial services and markets bill, which will soon be introduced to parliament and aims to strengthen the U.K. financial sector after Brexit.
The administration has already stated that crypto will be a part of a larger post-Brexit strategy for the nation to boost economic competitiveness.
Treasury Unveiled a series of initiatives in April to support the development of the nation as a major center for cryptocurrency.
New regulations were promised in the statement, enabling users to utilize stablecoins with confidence.
The plans, however, were in jeopardy when the crypto-friendly finance minister Rishi Sunak and senior Treasury employee Jon Glen abruptly resigned and the crypto market experienced a precipitous decline.
The Bank of England, the central bank of the United Kingdom, published a consultation on its plans to regulate TerraUSD, a stablecoin worth $18 billion, in May.
The Bank of England suggested that the bank be given the authority to appoint administrators to oversee insolvency procedures for failed stablecoin issuers.
In light of the cabinet shuffle, the deputy governor of the Bank of England, Jon Cunliffe, warned earlier this month that news on crypto laws would be delayed, but he also guaranteed stablecoin regulations before the August summer holiday.