United Kingdom's Treasury revealed on Wednesday that its proposed Financial Services and Markets Bill will be expanding the existing rules to cover crypto assets.
The expansion will mostly tackle the regulation of stablecoins, a type of cryptocurrency that tries to peg its market value to some external reference, for the first time ever. The aforementioned bill will be asking the stablecoin issuers to seek a license from the Financial Conduct Authority (FCA).
"The Bill seizes the opportunities of EU Exit, tailoring financial services regulation to UK markets to bolster the competitiveness of the UK as a global financial centre," the Treasury noted. Cryptocurrencies have been going through a volatile period in the last couple of months, with the value constantly fluctuating.
