A proposed bill could give U.K. regulators new powers over payments-focused crypto assets like stablecoins. Details on how the rules might be interpreted by financial watchdogs are pending. iamsandali camomileshumba report
UK Markets Bill Extends Banking Rules to Crypto Assets
“By bringing stablecoins within the scope of regulation, the bill paves the way for further adoption in the U.K., and this will be a key area of focus for parliamentarians as part of our inquiry into the wider sector,” she added.Blair Halliday, managing director of the U.K. for Gemini, a crypto exchange and custodian, called the legislation a “positive move that recognizes the significant role that these assets will play in our economy and financial system in the future.
“You might be forgiven for thinking that if they've put something in place for what happens at the end … That means they've already worked out what happens at the beginning. But they're doing it the other way around,” Nyman said. The U.K. government’s planned discussions on wider digital assets including bitcoin for later this year will be crucial in understanding where it really stands on crypto-friendliness, Nyman said.
“The BoE will need to authorize any stablecoin, and there are due processes that firms will need to follow before being given authorization,” the PSR told CoinDesk in an emailed statement.
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