UK stablecoin rules approved by lawmaker committee
2022/10/27 12:45
U.K. lawmakers agreed on new rules for stablecoins on Thursday – as the government promised to consult on further crypto regulations and a digital pound in the coming weeks.
In April, Rishi Sunak – at the time finance minister, but since promoted to prime minister – said he wanted to make the U.K. a hub for crypto.
Lawmakers are now poring over government proposals to regulate stablecoins, which are cryptocurrencies that seek to maintain their value against the pound or the U.S. dollar, and which can be used as a means of payment.
The bill also gives the U.K. Treasury powers to extend the regulatory net beyond stablecoins, if Parliament consents. Griffith said the consultation on how to do that will come out before Parliament is suspended for Christmas.
Griffith also expressed optimism about issuing a digital pound, on which the Treasury and Bank of England are also due to consult in the coming weeks.
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