UK Working on Crypto Regulation Initiative, Will Reveal Further Details Soon

The UK government is currently working on proper regulation for the country’s crypto market. On course to reveal plans in the coming weeks, the British government will also reportedly focus on stablecoins, its uses, and effects. Stablecoins are digital currencies pegged to the value of other assets such as crypto, fiat, or exchange-traded commodities.

Rishi Sunak, Finance Minister of the UK, will make the announcement on the new regulatory regime for crypto in the European region. Although a lot is still unclear about the details of the plan, inside sources allege that it will likely favor the crypto industry. This will come about most especially in the way of legal clarity, which the crypto space desperately needs now. Sources also state that Treasury officials are willing to learn about the crypto market and all its paraphernalia. In fact, the UK Treasury Department has also discussed the upcoming regulatory scheme with a number of crypto businesses and trade groups. Most notable among these is Gemini, a popular crypto exchange and issuer of stablecoin Gemini dollar (GUSD).

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