• UK will be a “global hub” for crypto business, with stablecoin legislation and NFT.
• Distributed ledger technology will be used by the government to issue debt.
• UK Treasury will regulate stablecoin emitters to imitate traditional assets, such as US Dollars.

The UK government has put out intentions to become a “global hub” for the crypto business. New stablecoin legislation is being proposed, along with a Royal Mint NFT. There are also a number of initiatives designed to satisfy digital asset firms.

John Glen, the City Minister stated that the UK was open to business and that it is available for cryptocurrency firms in his speech.

We believe crypto holds a lot potential. We will not decrease our standards, but we will maintain our technologically neutral attitude.”

UK Government plans to investigate the possibility of using distributed ledger technology in order to issue debt. In addition, chancellor Rishi Sunak had commissioned Royal Mint to produce NFTs by the summer as “an indication of the forward-thinking approach.”

Financial hubs like the UK or the US have increased pressure on politicians, regulators and governments to make clearer laws regarding digital assets.

Long-awaited plans were also revealed by the UK Treasury to regulate stablecoin issuesrs. These are cryptocurrency that mimic traditional assets such as dollars. The Treasury aims to amend existing regulations governing electronic money, such as money held in mobile phone apps, to include stablecoins, bringing them under the Financial Conduct Authority’s jurisdiction.

Ian Taylor, executive director of industry organization CryptoUK, which has increased lobbying of MPs in recent months, applauded the government’s “shift of tone.”

At the beginning, the government announced that it would take action against deceptive cryptocurrency advertisements and will subject them to similar regulations as traditional financial ads.

To ensure a global standard for cryptocurrency regulation, the government is expanding its work on crypto regulations to cover trading in the digital currency.

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