UK or US: Here’s the country leading the crypto race for the future
Cryptocurrencies over the years have received a mixed response. The sector was primarily dominated by speculations and FUDs in the initial years. However, investors’ approach toward this asset class has changed enormously over time.
In fact, with the rising popularity, countries like the U.K. and the USA have been considering building a regulatory framework around it.
After years of conflict, the U.K. authorities on 4 April released plans to exploit cryptocurrencies and their promising potential. Herein, the Treasury aimed to regulate stablecoins as payments and the underlying blockchain technology.
Reportedly, Amend the Banking Act 2009 and the Financial Services (Banking Reform) Act 2013- Would bring certain stablecoin payments into its regulatory purview.
The said announcement would look into ‘measures to make the U.K. a global hub’ for crypto-asset technology and investment. In addition, it included legislating for a ‘financial market infrastructure sandbox’ to help firms innovate, FCA-led ‘CryptoSprint’, working with the Royal Mint on an NFT, and an engagement group to work more closely with the industry.
Consequently, these steps marked Her Majesty’s entry into the “crypto hub” race.
Economic Secretary John Glen opined that the Bank of England and the Financial Conduct Authority would launch a regulatory sandbox to test distributed ledger technology (DLT) in the financial market and explore the issuance of sovereign debts such as British government bonds.
He furtheradded,
“They will also start a consultation later this year on expanding the regulating scope to further crypto-assets such as Bitcoin while considering the industry’s energy consumption.”
Notably, the Royal Mint, advised by Finance Minister Rishi Sunak, would
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