{"id":426429,"date":"2022-04-04T19:41:27","date_gmt":"2022-04-04T16:41:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uk-government-moves-forward-with-regulatory-framework-on-stablecoins-for-payments\/"},"modified":"2022-04-04T19:41:27","modified_gmt":"2022-04-04T16:41:27","slug":"uk-government-moves-forward-with-regulatory-framework-on-stablecoins-for-payments","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uk-government-moves-forward-with-regulatory-framework-on-stablecoins-for-payments\/","title":{"rendered":"# UK government moves forward with regulatory framework on stablecoins for payments"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a368c0697390\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a368c0697390\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/uk-government-moves-forward-with-regulatory-framework-on-stablecoins-for-payments\/#%E2%80%9D_UK_government_moves_forward_with_regulatory_framework_on_stablecoins_for_payments_%E2%80%9C\" >&#8221; UK government moves forward with regulatory framework on stablecoins for payments &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_UK_government_moves_forward_with_regulatory_framework_on_stablecoins_for_payments_%E2%80%9C\"><\/span>&#8221; UK government moves forward with regulatory framework on stablecoins for payments &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The United Kingdom&#8217;s economic and finance ministry has said it intends to amend its existing regulatory framework to incorporate stablecoins used as a means of payment.<\/p>\n<p>In a Monday announcement, HM Treasury <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/1066166\/O-S_Stablecoins_consultation_response.pdf\">said<\/a> certain stablecoins could potentially become \u201ca widespread means of payment\u201d for retail customers in the United Kingdom following a consultation with various organizations, universities and individuals conducted starting in January 2021. The U.K. government body said it intended to \u201ctake the necessary legislative steps\u201d to bring stablecoins into its regulatory framework, \u201cprimarily by amending existing electronic money and payments legislation.\u201d<\/p>\n<p>The finance ministry <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/news\/government-sets-out-plan-to-make-uk-a-global-cryptoasset-technology-hub\">said<\/a> amending its regulatory framework to include stablecoins as a means of payment was just one part of a \u201cpackage of measures\u201d aimed at incorporating crypto assets and blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> into the United Kingdom. The government body also announced a Cryptoasset Engagement Group \u201cto work more closely with the industry,\u201d exploring how the country\u2019s tax system could encourage development in the crypto market, establishing a \u2018financial market infrastructure sandbox\u2019 aimed at innovative firms, and introducing a nonfungible token issued by the Royal Mint in summer 2022.<\/p>\n<p>\u201cIt\u2019s my ambition to make the U.K. a global hub for cryptoasset technology, and the measures we\u2019ve outlined today will help to ensure firms can invest, innovate and scale up in this country,\u201d said Rishi Sunak, chancellor of the Exchequer. \u201cThis is part of our plan to ensure the U.K. financial services industry is always at the forefront of technology and innovation.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/4bf18242-0810-462f-98ea-986fdd014b49.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>HM Treasury <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hmtreasury\/status\/1510969168262225923\">tweet<\/a> misidentifying Litecoin, Dogecoin, Bitcoin, Ether and Zcash as stablecoins<\/em><\/figcaption><\/figure>\n<p>John Glen, the Economic Secretary of the Treasury, said the government will be reviewing how crypto lending might be treated in the country\u2019s tax system, and consult to see if overseas investors could be exempt from U.K. taxes for crypto transactions conducted on their behalf under the Investment Manager Exemption. He will establish and chair the Cryptoasset Engagement Group, consulting with industry and regulatory leaders to advise the U.K. government. <\/p>\n<p>The response to the consultation suggested the U.K. plans to explore regulating \u201ca wider set of cryptoasset activities\u201d given the market\u2019s growth and adoption. In addition, the country\u2019s financial watchdog, the Financial Conduct Authority, or FCA, said it will hold a \u2018CryptoSprint\u2019 event in May aimed at hearing from industry participants on how a regulatory framework for crypto might be further developed in the United Kingdom.<\/p>\n<p>\u201cIf crypto technologies are going to be a big part of the future, then we, the U.K., want to be in \u2014 and in on the ground floor,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hmtreasury\/status\/1510966085054451714\">said<\/a> Glen at the Innovate Finance Global Summit on Monday. \u201cIn this country we\u2019ve already said that we\u2019ll seek to protect consumers by legislating to bring certain cryptoassets into the scope of financial promotions regulation.\u201d <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>UK financial watchdog seeks crypto talent amid new crackdown<\/em><\/strong><\/p>\n<p>The statement from the U.K. government came following the FCA announcing it had extended the temporary registration status of some firms offering crypto services beyond its original March 31 deadline. In addition, the Bank of England and a group of U.K. regulators said in March they were assessing crypto regulation, specifically noting they \u201cwelcomed\u201d HM Treasury\u2019s proposals for bringing stablecoins into the country\u2019s regulatory framework.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/uk-government-moves-forward-with-regulatory-framework-on-stablecoins-for-payments\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; UK government moves forward with regulatory framework on stablecoins for payments &#8220; The United Kingdom&#8217;s economic and finance ministry has said it intends to amend its existing regulatory framework to incorporate stablecoins used as a means of payment. In a Monday announcement, HM Treasury said certain stablecoins could potentially become \u201ca widespread means of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":426430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNDQxNjI1YjktMWU1ZS00MzA5LTlmYmMtYTM0MGUxZTcyODU5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74889,75493,70934,4966],"class_list":["post-426429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-payments","tag-stablecoin","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/426429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=426429"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/426429\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/426430"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=426429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=426429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=426429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}