The United Kingdom's Economic and Finance Ministry has said it intends to amend its existing regulatory framework to incorporate stablecoins used as a means of payment.certain stablecoins could potentially become “a widespread means of payment” for retail customers in the United Kingdom following a consultation with various organizations, universities and individuals that was begun in January 2021. The U.K.
“It’s my ambition to make the U.K. a global hub for crypto-asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” said Rishi Sunak, Chancellor of the Exchequer. “This is part of our plan to ensure the U.K. financial services industry is always at the forefront of technology and innovation.
The response to the consultation suggested the U.K. plans to explore regulating “a wider set of crypto-asset activities,” given the market’s growth and adoption. In addition, the country’s financial watchdog, the Financial Conduct Authority, or FCA, said it will hold a"CryptoSprint" event in May aimed at hearing from industry participants on how a regulatory framework for crypto might be further developed in the United Kingdom.
“If crypto technologies are going to be a big part of the future, then we, the U.K., want to be in — and in on the ground floor,” Glen at the Innovate Finance Global Summit on Monday. “In this country, we’ve already said that we’ll seek to protect consumers by legislating to bring certain crypto-assets into the scope of financial promotions regulation.”
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