The circle around cryptocurrencies is becoming more and more constrained in the United Kingdom. However, the Finance Minister’s office in the region has recently shown some confidence in stablecoin projects. The ministry is working to formulate a regulatory framework directed towards stablecoins that can be used as a mode of payment in the region.
A recent report published by the Finance Minister’s office postulated that the government office was working on acquiring better regulatory clarity to ensure that consumers can use the products without mitigated risk. Furthermore, the Ministry also plans to preserve blockchain innovations in the region.
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A further breakdown of the Finance Minister’s report claims that the country is planning to introduce inclusive and friendly legislative terms that will encourage and facilitate the use of stablecoins as modes of payment. Furthermore, the government is also planning to make amendments to the existing e-money in addition to the legislative policies that regulate digital fiat.
The Ministry also claimed that stablecoin could become a widely accepted means of payment as time passes. There are several cryptocurrency traders and investors who have been waiting for the report since last month. Among the discussions on stablecoin in the UK government, the state legislators have been mulling over making stablecoin issuers regulated and insured.
UK Government to Introduce Crypto Regulatory Framework
The government of the UK report on the stablecoin postulates that the new legislative initiative aims to ensure the safety of the consumers and signal greater market engagement. The same report also comments on finding ways to grant ease of access to the consumers in the open market and other financial organizations to stablecoin options.
The report highlighted that the existing laws like the Payment Service Regulation of 2017 and the Electronic Money Regulations of 2011 have enough room to allow integration of the stablecoin payments. The government officials seem to believe that with some minor amendments, viable stablecoin provisions like trading, publishing, acquisition, custodial services, and wallets provisions can be regulated.