UK REGULATORY APPROACH TO CRYPTOASSETS AND STABLECOINS

This document represents the first stage in the government’s consultative process with industry and stakeholders on the broader regulatory approach to cryptoassets and stablecoins.

Foreword

In 2018 the government launched a cross-authority Taskforce with the aim of exploring the impact of a rapidly developing cryptoasset market.

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At the time the Taskforce found that distributed ledger technology (DLT) could have a significant impact across a range of industries, with the potential to deliver real benefits for financial services.

It also judged that the cryptoasset market was at an immature stage of development, and that there was limited evidence of the current generation of cryptoassets delivering benefits.

Two years on, the landscape is changing rapidly. So-called stablecoins could pave the way for faster, cheaper payments, making it easier for people to pay for things or store their money. There is also increasing evidence that DLT could have significant benefits for capital markets, potentially fundamentally changing the way they operate.

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The approach will be informed by evidence of potential take-up and where the most serious risks lie.

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We will stand ready to take further regulatory action to ensure the market is working for the people and businesses who operate in it.

Your responses will help inform the government’s approach and ensure the UK’s regulatory framework is fit for the future.

John Glen MP, Economic Secretary to the Treasury

Find here the entire document UK regulatory approach to cryptoassets and stablecoins- Consultation and call for evidence

Source:HM Treasury , FINEXTRA

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