Digital currencies
Bloomberg reported, citing informed sources, that the British Treasury is working on preparing a special regulatory framework for the cryptocurrency industry, which includes issuing two new legislation focused on regulating stable currencies. The move comes as part of ongoing efforts to strengthen the UK’s leadership in the digital assets market.
According to reports, market makers are awaiting the final details of these rules, with expectations that caching services will not be included in the new regulatory framework. Expectations indicate that these rules may provide new opportunities for developing the sector, while ensuring that financial stability is maintained in the market.
This legislation was supposed to be passed last summer during the era of the previous Conservative government, which pledged to transform the United Kingdom into a global center for digital currencies. However, these plans were postponed due to the call for a general election last July, which ended in a loss for the Conservative Party.
These moves come at a time when the cryptocurrency sector is witnessing tremendous growth globally, as governments seek to establish balanced regulatory frameworks that stimulate innovation, while reducing the risks associated with market volatility and illicit activities.
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