The legislation, which will be introduced in July 2022 expands the regulatory authority over the financial system to include cryptocurrencies. After undergoing parliamentary discussion, the bill was amended to include all crypto-related activity as regulated, and to supervise crypto promotion. Stablecoins are also included in the current framework of payment regulations.
In its statement, HM Treasury stated that the new regulation will allow the country the ability to create new rules for the testing and usage of new technology such as Blockchain in financial markets.
The European Union has introduced new regulations on cryptocurrencies earlier this year with the Markets in Crypto-Assets legislation (or MiCA), which is intended to create a regulatory framework in the EU for stablecoins and cryptocurrencies.
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