{"id":8094,"date":"2022-10-26T11:20:14","date_gmt":"2022-10-26T11:20:14","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8094"},"modified":"2022-10-26T11:20:15","modified_gmt":"2022-10-26T11:20:15","slug":"the-uk-has-a-new-name-for-stablecoins-and-a-new-bill-to-regulate-crypto","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8094","title":{"rendered":"The UK has a new name for stablecoins and a new bill to regulate crypto"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The United Kingdom moved forward on the Financial Services and Markets Bill on Oct. 25, hardening its vision for Bitcoin (BTC) cryptocurrency and \u201cdigital settlement assets\u201d in the country.<\/p>\n<p>The Bill, proposed on Oct. 18, suggested would propose \u201cA range of measures to maintain and enhance the U.K.\u2019s position as a global leader in financial services, ensuring the sector continues to deliver for individuals and businesses across the country.\u201d<\/p>\n<p>The Bill reasserts the U.K.\u2019s intention to become a global cryptocurrency hub, comments echoed by Dr. Lisa Cameron, Member of Parliament and the chairperson of The Crypto and Digital Assets All-Party Parliamentary Group. In an exclusive interview with Cointelegraph over the weekend, she explained that crypto is on the lawmakers\u2019 radar, although there is a lot of education to be done.<\/p>\n<p>The bill builds upon existing measures to broaden regulations of stablecoins and mentions \u201cDigital Settlement Assets\u201d (DSA) as a new term, moving away from the use of \u201ccrypto assets.\u201d According to the U.K. government, \u201ccrypto assets use some form of distributed ledger technology (DLT),\u201d whereas DSA includes\u00a0stablecoins\u00a0\u201cgiven their potential to develop into a widespread means of payment.\u201d<\/p>\n<p>The U.K. government had previously commented that there will be a \u201cpackage of measures\u201d aimed at improving regulation and clarity surrounding blockchain, crypto and Bitcoin. <\/p>\n<p>Elsewhere, the new Prime Minister, Rishi Sunak, has also expressed interest in certain areas of cryptocurrency, such as his support for the creation of a Royal Mint Nonfungible token.\u00a0<\/p>\n<p>Rishi Sunak was a supporter of the first &#8216;royal mint NFT&#8217; which has yet to materialise. Source: HMRC<\/p>\n<p>The youngest leader to take up office in Number 10 Downing Street has also been vocal in support of central bank digital currencies.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>UK inflation rate hits 10.1%, British Bitcoin community responds<\/em><\/strong><\/p>\n<p>The recognition of crypto and digital assets as financial instruments is yet to be scribed into law. The Bill must pass crucial steps: The House of Lords will be required to approve or amend the Bill before final royal approval by the new monarch, King Charles III.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/the-uk-has-a-new-name-for-stablecoins-and-a-new-bill-to-regulate-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United Kingdom moved forward on the Financial Services and Markets Bill on Oct. 25, hardening its vision for Bitcoin (BTC) cryptocurrency and \u201cdigital settlement assets\u201d in the country. The Bill, proposed on Oct. 18, suggested would propose \u201cA range of measures to maintain and enhance the U.K.\u2019s position as a global leader in financial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8094"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8094\/revisions"}],"predecessor-version":[{"id":8096,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8094\/revisions\/8096"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8095"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}