Crypto advocates await UK stablecoin rules

The UK crypto industry is awaiting guidance on new stablecoin rules in the country.

The inaugural bill named The Financial Services and Markets bill is scheduled to be debated in parliament in September.

Recently, the Crypto and Digital Assets All Party Parliamentary Group (APPG) launched an inquiry into the UK crypto and digital assets sector to seek advice on cryptocurrency regulation regarding the new bill.

The bill aims to bring stablecoins into local payment regulation but there is uncertainty on how the new rules will allow this.

Legal counsel at London-based law firm Kingsley Napley James Alleyne said: “We will have to wait to see what new rules are introduced as a consequence of the bill to fully understand the new powers and approaches of the various regulators.”

The proposed stablecoin rules are part of a larger picture in mapping out the UK’s post-Brexit economic strategy and a way to make the country into a “global crypto hub”.

The main goal while strengthening the country’s position as a tech hub is to safely adopt and introduce crypto assets, especially the use of Bitcoin (BTC).

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Updated: 08/18/2022 — 22:00