The UK is going to regulate stablecoins more carefully
The British Ministry of Finance plans to make the country more attractive for digital technologies and cryptocurrency exchanges. It has already begun to develop a set of laws aimed at promoting this area.
According to the British “The Telegraph,” despite the crisis of cryptocurrencies, the Ministry of Finance plans to regulate stablecoins by equating them with means of payment. As noted in the Ministry of Finance itself, laws to regulate stablecoins, which the British use as a means of payment, will be part of the bill on financial services and markets. Queen Elizabeth II of Great Britain announced this package of laws. The government also noted that not all stablecoins would be included in this package of laws, as some coins do not guarantee stability. For example, this package of laws will not apply to the UST that collapsed a week ago. The new legislation will be developed to create more convenient and comfortable conditions for the development of service providers and the growth of issuers in the UK. It is also designed to ensure regulation and financial stability. It is worth noting that, in general, the British Parliament plans to actively improve the conditions for the development of the cryptocurrency industry and make the country more digitally friendly. These initiatives come from Elizabeth II. The primary position of the queen was the creation of a legal framework for the industry, which in turn would make Britain more attractive for the crypto business, as well as guarantee the safety of investors.