UK Treasury introduces bill to regulate stablecoins
Mandatory registration with the Financial Conduct Authority is provided for market participants
21.07.2022 - 09:00
341
1 min
0
What’s new? On July 20, the UK’s new finance minister Nadhim Zahawi introduced a bill to the country’s parliament proposing to regulate stablecoins as a form of payments. The main purpose of the document is to improve the flexibility and competitiveness of the UK financial system and to create a standard for the use of stablecoins when making transactions, Be[In]Crypto reports.
News on the Be[In]Crypto website
What statements have been made? According to Nadhim Zahawi, the state should protect consumers and address the risks of cyberattacks on their funds. He believes the UK has to harness the power of crypto assets to digitize and transform the country’s financial landscape.
The bill also contains requirements for mandatory registration with the Financial Conduct Authority (FCA) for cryptocurrency companies, issuers of stablecoins, and custodial services.
In early April, the UK Treasury allowed the possibility of the recognition of stablecoins as a means of payment. According to Rishi Sunak, former head of the department, stable digital coins could become a more efficient payment instrument and broaden consumer choice.
Useful material?
Telegram 
Twitter 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
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$99 154
BTC
+2.33%
-
Ethereum
$3 376.88
ETH
+7.79%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.38
XRP
+22.94%
-
Dogecoin
$0.393141
DOGE
+2.16%
-
Cardano
$0.86187
ADA
+10.34%
-
Bitcoin Cash
$493.49
BCH
-4.91%
-
Polkadot
$6.11
DOT
+7.4%
-
Stellar XLM
$0.280191
XLM
+16.11%
-
Litecoin
$89.73
LTC
-0.29%