Sunday, August 14, 2022

Cryptoeconomy: UK launches bill to regulate crypto as a means of payment – TyN Magazine

Stablecoins are stable cryptocurrencies designed to reduce the volatility of their price relative to a “stable” asset or basket of assets. A stablecoin can be tied to cryptocurrency, fiat money or commodity trading.

Her Majesty’s Treasure is presented in the United Kingdom Bill regulating stablecoins as payment, The proposal is part of a broader and far-reaching financial bill that aims to eliminate hundreds of laws blocked by the European Union (EU) after Brexit.

In May this year a spokesman for Her Majesty’s Treasury said that Legislation to regulate stablecoins, when used as a means of payment, will form part of the Financial Markets and Services Bill, which was announced in the Queen’s speech.

was presented this Wednesday the 21st bill of services and financial markets in the lower house of parliament, which would give the government new powers to order regulators to review financial rules deemed best for the public interest.

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SEE MORE: Crypto Economy: Stablecoins Are At Their “Best Moment”

According to Her Majesty’s Treasure, it “This will create conditions for issuers and service providers to operate and grow in the UK to reliably and securely use these new technologies while ensuring financial stability and high regulatory standards.”

Project Expand the Banking Act 2009 and the Financial Services (Banking Reforms) Act 2013 To include “Digital Settlement Assets” (stablecoins) and authorizes the Treasury to regulate assets, payments and their providers.

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The British bill takes a similar approach, with rules included in the draft Crypto Assets Act (MiCA) being considered. Both the bills seek to deal with the alleged Threats that stablecoins pose to financial stabilitySomething that has come to light after the disaster of Terra and UST.

However, in the case of the British project, it wants Reduce the negativity and pressure of European regulations Intends to apply to cryptocurrencies. The UK wants to be a global hub for the crypto industry, so its bill seeks to ensure that the country’s regulatory code remains fair and results focused.

Nation World News Desk
Nation World News Desk
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