The UK government plans to amend its Banking Act 2009 and the Financial Services Act 2013 to include stablecoins in its regulatory scope.
Source: HM Treasury
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The country’s Economic Secretary, John Glen, notes that the Bank of England and the Financial Conduct Authority will unveil policies to assess the distributed ledger technology.
The regulator is also looking at the issuance of sovereign debts like the British government bonds in the country’s push to become a cryptocurrency hub.
Glen adds that the watchdog will begin consultation towards the close of the year on how to widen the regulatory scope to include bitcoin, considering energy efficiency concerns in its mining.
The news comes amid a directive to the Royal Mint to create and issue non-fungible tokens in the summer, in a change of stance by the country from its stringent crypto policies.
A recent report by Gemini shows that 18% of adults in the UK own cryptocurrencies, with 45% having entered the market in 2021.