Share this article
UK Set to Disclose Plans for Regulating Crypto in Coming Weeks: CNBC
Like the EU's framework for crypto assets that is currently making its way through the legislative process, the U.K.'s regulatory efforts may also focus heavily on stablecoins.
Updated May 11, 2023, 5:57 p.m. Published Mar 27, 2022, 3:51 p.m.
Make us preferred on Google
The U.K. government is set to reveal its plans for regulating the crypto industry in the coming weeks, according to CNBC.
- Although details are still being finalized, the regulatory regime will focus heavily on stablecoins, which are cryptocurrencies fixed to the value of other assets, CNBC reported Sunday citing unnamed sources.
- The U.K. Treasury Department has discussed the upcoming regulatory package with multiple crypto firms including Gemini, the issuer of stablecoin , which is pegged to the U.S. dollar, according to the report.
- The European Union’s landmark regulatory framework for crypto assets, currently moving through the bloc’s complex legislative process, also has a heavy emphasis on oversight into stablecoins.
- The U.S. Congress is also working on specific regulations for stablecoins over potential risks these private cryptocurrencies may pose to financial stability.
- On Thursday, U.K. regulators published a report voicing concerns about how crypto adoption poses financial risks.
- Rishi Sunak, Britain’s finance minister, is set to announce the U.K. government’s regulatory plans for crypto in the coming weeks, according to the report.
More For You
More For You
Recapping Consensus Hong Kong
Crypto's role in payments for AI, regulatory changes and the digital asset market dominated conversations on the ground.
What to know:
- Speakers at CoinDesk's Consensus Hong Kong conference said crypto and stablecoins are likely to become the default payment tools for autonomous AI agents in an emerging "machine economy."
- Market participants warned that bitcoin, which has already dropped nearly $30,000 in a month, may fall further, with $50,000 seen as the level to watch.
- Hong Kong regulators are pressing ahead with crypto rules even as others wait to see how U.S. legislation develops.
Top Stories
