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UK Plans a Global Cryptoasset Hub

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The government announced last week moves that will see ‘stablecoins’ recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment. Stablecoins are to be brought within regulation, paving their way for use in the UK as a recognised form of payment.

Stablecoins are a form of cryptoasset that are typically pegged to a fiat currency such as the dollar and are intended to maintain a stable value. With appropriate regulation, they could provide a more efficient means of payment and widen consumer choice. The government intends to legislate to bring stablecoins, where used as a means of payment, within the payments regulatory perimeter, creating conditions for stablecoins issuers and service providers to operate and invest in the UK.

This is part of a series of measures to make the UK a global hub for cryptoasset technology and investment. Measures include legislating for a financial market infrastructure sandbox to help firms innovate, an FCA-led ‘CryptoSprint’, working with Royal Mint on a non-fungible token, and an engagement group to work more closely with industry.

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