The UK government will soon unveil a new set of crypto regulations to steer ahead in the digital asset field, according to a CNBC report. The report further states that UK’s finance minister Rishi Sunak will soon announce essential details on cryptocurrency regulation with a special focus on stablecoins along with formulating a legal framework for digital assets to thrive in the region.
UK’s Finance Minister Will Soon Unveil A Crypto Regime To Regulate Digital Assets
According to a CNBC report, the new crypto regime which is set to be unveiled in the coming weeks will lay special emphasis on the issuance of stablecoins, a digital currency that derives its value from fiat currencies like US dollars.
Moreover, the report, citing four anonymous sources, further states that the details of the plan are yet to be finalized but are likely to deliver a favorable result concerning crypto regulation in the UK. The sources add that UK’s finance minister Rishi Sunak will also be unveiling a new detailed legal framework for cryptocurrencies to flourish in the nation.
The report further states that the UK’s treasury department has been holding multiple discussions with leading firms and trade groups including Gemini, the issuer of the stable coin called Gemini Dollar (GUSD) to understand the basic concepts and complexities of issuing stablecoins in the region.
CoinJot earlier reported that the Bank of England is also working on introducing a new crypto regulatory framework and has asked several other financial institutions to submit their viewpoint on crypto and digital assets in general to reach a favorable consensus.
Moreover, the report puts considerable emphasis on the government’s plan to introduce stablecoins which have received immense traction over the past few years. Along with the UK, there are several other countries reportedly working on introducing stablecoins shortly including India, the United States, and Brazil.