According to an initial report from CNBC, the country’s Finance Minister, Rishi Sunak, is expected to announce the new frameworks in the coming weeks.
Reports indicate that the new regulatory framework from the Treasury will be focused on stablecoins. Talks with crypto firms such as Gemini, which issues its own stablecoin, the Gemini dollar, and other key players in the stablecoin sector have begun. The new regulatory regime is also said to focus on anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT) measures. The UK’s financial watchdog, the Financial Conduct Authority (FCA), will reportedly play a role in these plans as well. The UK’s move to regulate the cryptocurrency space comes as other jurisdictions have already begun to take action. The European Union (EU) is also mulling over new regulations concerning cryptocurrencies and blockchain technologies.
