UK to develop new crypto regulation rules following Terra collapse
The agency believes that the recent situation in the stablecoins market should be taken into account when drafting regulations for the digital assets market
20.05.2022 - 14:10
281
2 min
0
What’s new? The UK’s Financial Conduct Authority (FCA) intends to take into account the situation with the collapse of the Terra ecosystem when drafting new crypto regulations jointly with the Treasury. This was reported by the FCA’s executive director for markets Sarah Pritchard to Bloomberg.
What events happened before? On March 31, the FCA canceled temporary registration for cryptocurrency companies. Operating without authorization is now a criminal offense.
On April 4, the UK Treasury Department said that with proper regulation stablecoins would be recognized as a valid form of payment. It is also claimed that they could become a more efficient means of payment and widen consumer choice.
The US Securities and Exchange Commission (SEC) may tighten regulation of stablecoins following the collapse of the UST rate and the temporary loss of the Tether (USDT) peg to the dollar. According to Commissioner Hester Peirce, the regulator has the ability to include in its powers the development of rules for digital currencies and the platforms on which they are traded. In this, she noted the potential for stablecoins to be used in market-based systems.
In late May, G7 countries called to accelerate the “development and implementation of consistent and comprehensive regulation” of cryptocurrencies following the collapse of the Terra (LUNA) ecosystem. The G7 appealed to the Financial Stability Board (FSB), which is responsible for drafting the document.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 600
BTC
-0.25%
-
Ethereum
$3 349.93
ETH
-1%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.53
XRP
+9.99%
-
Dogecoin
$0.458604
DOGE
+15.78%
-
Cardano
$1.08
ADA
+22.28%
-
Stellar XLM
$0.424329
XLM
+49.69%
-
Polkadot
$7.47
DOT
+19.84%
-
Bitcoin Cash
$536.66
BCH
+8.13%
-
Litecoin
$103.87
LTC
+14.76%