Stablecoin Regulation Bill Passed by United Kingdom Authorities

• Stablecoins were included into the new law by the House of Commons.
• Griffith also brought up the prospect of a digital pound being introduced.

U.K. Prime Minister Rishi Sunak has been selected. Sunak is an advocate for cryptocurrencies, and he hopes to see the United Kingdom become a center for the industry. Coincident with this, British MPs have just decided to treat cryptocurrencies like other regulated financial instruments and products.

Stablecoins were included in the new law by the House of Commons. On Thursday, British MPs released new regulations for stablecoins after reaching a consensus on the matter. Moreover, in a few weeks, the British government plans to have a debate on the digital pound and crypto regulations.

Government Focuses on Stablecoin

Cryptocurrency use is skyrocketing throughout the world. Governments are attempting to implement the required regulations for it all over the globe. Stablecoins are gaining attention from governments, who are also striving to increase their emphasis on them. This is due to the fact that currencies tied to the dollar or the pound tend to be more stable.

Recent Treasury Department appointee Andrew Griffith has said that some crypto assets and distributed ledger technology might create revolutionary shifts in the financial system. In addition, he warned that consumers’ financial security may be at stake. The crypto market has recently seen some uptick after a prolonged bear market.

Griffith also brought up the prospect of a digital pound being introduced. In the next weeks, the Bank of England and the Treasury will also meet to discuss this issue. The legislators on the committee all voted yes on the new crypto regulation bill. The House of Lords now has to sign off on the regulations.

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