UHY Ross Brooke Chartered Accountants

Government sets out plan to make UK a global cryptoasset technology hub

crypto-legislation-pending

The government announced last week moves that will see ‘stablecoins’ recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment.

In brief:

  • Stablecoins are to be brought within regulation, paving their way for use in the UK as a recognised form of payment.
  • This is part of a series of measures to make the UK a global hub for cryptoasset technology and investment.
  • Measures include legislating for a ‘financial market infrastructure sandbox’ to help firms innovate, an FCA-led ‘CryptoSprint’, working with the Royal Mint on a non-fungible token, and an engagement group to work more closely with industry.

See: Government sets out plan to make UK a global cryptoasset technology hub – GOV.UK (www.gov.uk)

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