The UK government has announced that it will mint and issue non-fungible tokens from summer to remain in the frontline of crypto adoption.
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The country’s Finance minister, Rishi Sunak, has directed the agency in charge of currencies to mint and issue the digital assets with more details to follow.
The ministry has outlined steps that the island nation will take to enhance regulations in the cryptocurrency space.
The steps include bringing stablecoins into the country’s payment framework to attract issuers to move their operations into the country and consultations across jurisdictions.
The UK regulator also wants to have the law commission ascertain the legal status of blockchain DAO and the tax obligation of decentralized financial platforms.
A Cryptoasset engagement group chaired by the ministers and host members from the UK will be set up to deliberate on the use cases of cryptos in debt instruments.