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News story Government sets out plan to make UK a global cryptoasset technology hub The government has today announced 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. From: Published 4 April Stablecoins to be brought within regulation paving their way for use in the UK as a recognised form of payment.
Announcement part of a series of measures to make the UK a global hub for cryptoasset technology and investment. This is part of a package of measures to ensure the UK financial services sector remains at the cutting edge of technology, attracting investment and jobs and widening consumer choice. We want to see the businesses of tomorrow — and the jobs they create - here in crypto invest syuumit UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.
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This is part of our plan to ensure the UK financial services industry is always at crypto invest syuumit forefront of technology and innovation. 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.
By recognising the potential of this technology and regulating it now, the government can ensure financial stability and high regulatory standards so that these new technologies can ultimately be used both reliably and safely.
He also announced that the UK will proactively explore the potentially transformative benefits of Distributed Ledger Technology DLT in UK financial markets, which enables data to be synchronized and shared in a decentralised way to potentially achieve greater efficiency, transparency and resilience.
The government further confirmed that it will initiate a research programme to explore the feasibility and potential benefits of using DLT for sovereign debt instruments.
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John Glen also crypto invest syuumit that the government will consult on wider regulation of the cryptoasset sector later this year. Other measures include: The UK government will explore ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.
It will review how DeFi loans — where holders of cryptoassets lend them out for a return — are treated for tax purposes.
The government will also consult on extending the scope of the Investment Manager Exemption to include cryptoassets. The Economic Secretary will establish and chair a Cryptoasset Crypto invest syuumit Group, convening key figures from the regulatory authorities and industry to advise the government on issues facing the cryptoasset sector.
In his Mansion House speech in Julythe Chancellor set out his vision for the future of the financial services sector, which included a plan to ensure that the UK remains at the forefront of technology and innovation. This was one of four key components of that vision, with the ultimate aim of building a financial services sector that continues to be one the rest of the world looks towards.
The government launched a consultation on cryptoassets and stablecoins last year and has today published its response setting out the next steps. Further information.