UK will regulate Stablecoin Payments
London, April 4 (Reuters)
- Britain's finance ministry said on Monday (4th April 2022) that it intended to regulate some stablecoins when they are used as means of payment
- more regulations for a wider set of crypto-asset later that year
UK wants to become Global Hub for Cryptocurrencies and Blockchain Technology
'We see enormous potential in crypto", UK financial services minister John Gled said. Furthermore he added that regulatory standards will not be compromised.
He then went on and said that there is already a detailed plan which will be a new world for the newly regulated and the regulators.
The regulations should help consumers to use stablecoins for payments with confidence. Great Britain will consult on a 'world leading' regime for the rest of the crypto market as well.