{"id":505357,"date":"2022-11-01T00:15:00","date_gmt":"2022-10-31T21:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31\/"},"modified":"2022-11-01T00:15:00","modified_gmt":"2022-10-31T21:15:00","slug":"stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31\/","title":{"rendered":"# Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24\u201331"},"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-6a407b244dfd7\" 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-6a407b244dfd7\" 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\/stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31\/#%E2%80%9D_Stablecoins_have_a_new_name_in_Great_Britain_Law_Decoded_Oct_24%E2%80%9331_%E2%80%9C\" >&#8221; Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24\u201331 &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31\/#Singapore_intends_to_ban_cryptocurrency_credits\" >Singapore intends to ban cryptocurrency credits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31\/#An_agreement_on_adoption_between_Lugano_and_El_Salvador\" >An agreement on adoption between Lugano and El Salvador\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31\/#Yet_another_lawsuit_for_troubled_Do_Kwon\" >Yet another lawsuit for troubled Do Kwon<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Stablecoins_have_a_new_name_in_Great_Britain_Law_Decoded_Oct_24%E2%80%9331_%E2%80%9C\"><\/span>&#8221; Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24\u201331 &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvNWRkNWMyMzAtODlmYi00YWM5LWFjODktMzE2M2MyMzVkOGI4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>The first full week under the leadership of the newly-elected Prime Minister Rishi Sunak saw a major landmark for crypto regulation in the United Kingdom. The Financial Services and Markets Bill, made public on Oct. 25, aims to enhance the U.K.\u2019s position as a \u201cglobal leader in financial services\u201d \u2014 but what is more important is that it contains some new definitions for crypto products.\u00a0<\/p>\n<p>The bill moves stablecoins from the category of crypto assets to digital settlement assets (DSA) \u2014 a new category marked by its potential \u201cto develop into a widespread means of payment.\u201d It\u2019s yet to be seen what regulations the DSA will be subject to and if this change of status will guarantee them a green light for adoption. But, even that scope of change brings optimism. <\/p>\n<p>It seems we may witness unprecedently active pro-crypto regulation on the islands, given Sunak\u2019s known\u00a0ambitions on the matter. The new PM voiced has previously voiced his support for crypto and even commissioned the Royal Mint to issue a nonfungible token (NFT) by the end of the year during his time as the head of the treasury. However, the industry still faces pressure from local banks, which try to block businesses and individuals from investing in cryptocurrency. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Singapore_intends_to_ban_cryptocurrency_credits\"><\/span>Singapore intends to ban cryptocurrency credits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In one of two consultation papers on proposals for regulating the digital payment token service providers, issued last week by the central bank of Singapore, there is a proposition to ban digital payment tokens (DPTs) from providing retail customers with \u201cany credit facility,\u201d whether in the form of fiat currencies or crypto.<\/p>\n<p> According to the regulator, crypto service providers should also not be allowed to accept any deposits made using credit cards in exchange for crypto services. According to the authority, \u201cAny form of credit or leverage in the trading of DPTs\u201d would result in the \u201cmagnification of losses,\u201d potentially leading to bigger losses than a customer\u2019s investment.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"An_agreement_on_adoption_between_Lugano_and_El_Salvador\"><\/span>An agreement on adoption between Lugano and El Salvador\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Swiss city of Lugano and the country El Salvador have signed an economic cooperation agreement based on crypto and blockchain. Speaking to Cointelegraph, former Blockstream chief strategy officer Samson Mow said the agreement was the \u201cnext step\u201d in nation-states and cities adopting BTC: <\/p>\n<blockquote><p>\u201c[El Salvador and Lugano are] going to start working together and collaborating on joint initiatives. I think that\u2019s the way we push each other forward \u2014 basically create alliances between places that have adopted Bitcoin.\u201d<\/p><\/blockquote>\n<p><strong>Continue reading<\/strong> <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Yet_another_lawsuit_for_troubled_Do_Kwon\"><\/span>Yet another lawsuit for troubled Do Kwon<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Do Kwon, the co-founder of Terraform Labs \u2014 who may be facing legal actions in South Korea and the United States \u2014 is the target of a lawsuit in Singapore along with the Luna Foundation Guard (LFG) and Terra founding member Nicholas Platias.\u00a0<\/p>\n<p>In a lawsuit filed in Singapore\u2019s high court, 359 individuals allege Kwon, Platias, the LFG and Terra made fraudulent claims, including that Terra\u2019s stablecoin, TerraUSD (UST) \u2014 now TerraUSD Classic (USTC) \u2014 was not \u201cstable by design\u201d and unable to maintain its U.S. dollar peg. The claimants are seeking compensation for roughly $57 million worth of \u201closs and damage\u201d combined based on the value of UST tokens they purchased and held or sold amid the market downturn in May. <\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\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\/stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24\u201331 &#8220; The first full week under the leadership of the newly-elected Prime Minister Rishi Sunak saw a major landmark for crypto regulation in the United Kingdom. The Financial Services and Markets Bill, made public on Oct. 25, aims to enhance the U.K.\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":505358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvNWRkNWMyMzAtODlmYi00YWM5LWFjODktMzE2M2MyMzVkOGI4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[122378,88784,74355,70934,5012,72420,4966],"class_list":["post-505357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-terra","tag-uk-government","tag-adoption","tag-regulation","tag-singapore","tag-south-korea","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505357","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=505357"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/505358"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=505357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=505357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=505357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}