Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»BLOCKCHAIN NEWS»The UK is leading the way in cryptocurrency regulation as the BOE targets stablecoins.
BLOCKCHAIN NEWS

The UK is leading the way in cryptocurrency regulation as the BOE targets stablecoins.

By Crypto FlexsDecember 3, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
The UK is leading the way in cryptocurrency regulation as the BOE targets stablecoins.
Share
Facebook Twitter LinkedIn Pinterest Email

In an ambitious move to position the UK as a leader in the cryptocurrency sector, the government and the Bank of England (BOE) are introducing sweeping regulation of stablecoins and digital currencies.

BOE’s strategy primarily focuses on regulating stablecoins essential to payment systems by early 2024. This approach is driven by the belief that stablecoins, typically linked to stable assets such as the British pound, are less risky to the financial system than other cryptocurrencies.

As a result, the BOE’s regulatory framework is designed to maintain the resilience of these digital currencies within critical payments infrastructure.

JUST IN: 🇬🇧 The Bank of England proposes to accept stablecoins as a payment option for goods and services.

— Watcher.Guru (@WatcherGuru) November 6, 2023

The Financial Conduct Authority (FCA) will also oversee the wider cryptocurrency market, ensuring a comprehensive regulatory umbrella covering all aspects of digital currency operations.

Lawmakers urged caution

This dual regulatory mechanism is a thoughtful response to the complexity and various risks posed by different types of digital currencies.

The regulations are the latest in a series of steps the UK government has taken to streamline the island nation’s cryptocurrency space. Last August, the BOE, in collaboration with HM Treasury, invited stakeholders to join an advisory group to examine the feasibility of a digital pound.

Since the announcement, the BOE has received more than 50,000 responses, highlighting widespread public concerns about privacy, use of cash and the future trajectory of the pound.

But BOE’s quest for a digital pound has not been without criticism. According to Bloomberg, British lawmakers are questioning whether a digital pound is necessary.

The influential Treasury Committee, chaired by Conservative MP Harriett Baldwin, urged the BOE to “proceed with caution” and consider measures to stem the risks that could arise with a digital pound.

According to a Bloomberg report, the committee asked the central bank to consider whether a digital pound is worth the trouble as it could jeopardize the traditional banking system and raise privacy concerns.

The UK’s approach is different from the US

An interesting aspect of the UK regulatory plan is that it will allow stablecoin companies to earn returns on the assets backing their coins. However, this approach has sparked controversy over its fairness.

The concern is that while rising interest rates may allow businesses to benefit from these assets, consumers may not see a corresponding benefit. Recognizing this potential imbalance, regulators are prepared to monitor the situation closely.

Moreover, the implementation of these regulations puts the UK on par with other countries such as Japan and the European Union. These countries have already established similar regulatory frameworks, indicating a global trend towards standardized digital currency governance.

The move stands in stark contrast to the United States, which has yet to launch a comprehensive framework for stablecoins and the broader cryptocurrency market.

These developments mark a significant shift in the UK’s approach to digital currencies under the leadership of Chancellor Rishi Sunak, who is committed to protecting the country’s financial system and consumers.

Follow us on Google News

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

British trail EU, US encryption regulation, think tank warning

June 22, 2025

ZKJ Crypto Price Pumps 20%: Dead Cat Bounces?

June 17, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

Solana following Bitcoin? Network activities, chart patterns are $ 300 SOL Price

May 26, 2025

5 Promising Altcoins to Watch in 2025

September 19, 2024

The writer Rich Dad, the poor dad, is expected to reach a million dollars by 2035.

April 20, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.