According to multiple reports, the finance ministry of the United Kingdom will soon be releasing a new set of regulations, regarding the trading of cryptocurrencies in the region.
New Crypto Regulations
The United Kingdom is soon getting some fresh laws for cryptocurrency trading and operations, as reports suggest that the finance ministry will soon be revealing the new regulations that will be applied to cryptocurrency trading and operations in the region. Many people in touch with the event, have stated that the new set of regulations to be announced will most likely be in favour of the cryptocurrency space in the UK.
Other reports have also highlighted that the people in charge of the treasury have started to take interest in the world of cryptocurrency and are willing to learn more about it by getting in touch with digital asset companies and market analysts.
One of the companies being in primary contact is said to be the Gemini exchange. The Gemini exchange distributed its very own stablecoin, which is powered by the US Dollar. Stablecoins have had a significant amount of increase in usage, especially one named as Tether, which is said to be the biggest stablecoin worldwide with a staggering supply of more than $80Billion, a number that has shown a huge increase compared to previous years.
But despite all this huge potential, many regulatory authorities have been raising issues over the usage of these coins, highlighting them as being used to promote fraudulent and criminal activities.
Rise in Digital Asset Activities
The Bank of England has been actively in touch with regulators, urging them to reduce the risks that cryptocurrencies can bring, in terms of financial stability. Deputy Governor from the English bank have been contacting multiple CEOs of different banks, mentioning about the growing interest of many banks and investment-based companies that are looking to enter the crypto space. This is a sort of a follow up to the American president, Joe Biden’s move, who has called agencies to work on crypto regulations.
Crypto Research and Projects
American president, Joe Biden has been allocating multiple research teams from the treasury in order to study digital assets, which also includes the introduction of the government-supported stablecoin. In comparison to this, many crypto analysts have criticized the government of the UK for its lack of governmental support and research in the cryptocurrency space.