TechFlow news, the UK Treasury has published the results of its consultation on the regulatory approach to crypto assets and stablecoins, confirming its intention to legislate for the regulation of certain stablecoins used as a means of payment. The document outlines some details regarding the government's plans for regulating specific stablecoins, along with feedback on evidence gathered concerning investment in distributed ledger technology and wholesale use cases.
According to ChainCatchers, the document includes: systemically important entities (such as stablecoin issuers and wallet providers) should be subject to regulation by the Bank of England; exploring whether, in addition to the existing token classifications (e-money tokens, security tokens, and unregulated tokens), a new category "stable tokens" should be created; and continuing to focus the first phase of legislative reform on bringing stablecoins used as a means of payment under regulatory oversight.
Additionally, the UK plans to host a two-day CryptoSprint event in May, bringing together various experts to discuss cryptocurrency-related issues in order to enhance regulators' understanding of emerging crypto technologies and how they should be regulated.
