Stablecoins are getting regulated in the UK after Prince Charles spoke on behalf of the Queen of England at the House of Lords, noting the legislative priorities and listing the measures that it aims to present to the members of parliament so let’s read more about it n today’s latest cryptocurrency news.
One of the key outtakes was on cryptocurrencies during the Queen’s annual address to the British Parliament and the country’s crypto sector breached for legislation in the next few months. The address comprised 38 bills that the ministers anticipate will get signed into law before 2023 begins, spanning from justice and security to education, infrastructure, and health. Last year, Her Majesty’s Treasury launched a consultation on the UK approach to stablecoins and crypto-assets including a proposal to bring stablecoins under the regulatory jurisdiction of the Kingdom.
Despite what happened last week, the HM Treasury moves ahead with other ideas days after the Queen’s speech which means that stablecoins will get regulated soon. John Glen, the economic secretary of the Treasury, declared that the British governemnt will implement a world-leading regulatory regime for the stablecoins. The Treasury chancellor Rishi Sunak also noted that the government will guarantee the UK financial services industry remains at the forefront of the tech innovation.
The official’s proposals came at a time when crypto markets remain in disarray after TerraUSD’s stablecoin crashed below its $1 peg and triggered a massive sell-off in other cryptocurrencies. The entire value of all cryptocurrencies dropped by $300 billion and the market reached the lowest point in a year. Terra’s worth was connected to a distinct coin called LUNA which also crashed. The US Treasury Janet Yellen also urged Congress to approve federal regulation for the stablecoins.
In the meantime, the UK Treasury rep revealed that legislation will be brought for stablecoins when they are used as a means of payment and will be included in the Financial Services and Markets Bill. The proponents claim that stablecoins will make payments much more efficient and safer. According to Prince Charles:
“A measure will be introduced to significantly bolster authorities to contain illegal funding, minimize economic crime, and support commercial growth. There will be measures adopted to assist the security services in protecting the United Kingdom.”
The UK Government confirmed that it will hold a consultation later this year on regualting the crypto activities including crypto trading using BTC and ETH. As a part of the efforts to become a global leader in the crypto sector, the governemnt declared that they aim to create their own non-fungible token.
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