UK TREASURY SET TO REGULATE STABLE COINS AND NON-FUNGIBLE TOKENS

The Treasury of the United Kingdom has set out plans to regulate stable coins and issue Non-Fungible tokens in order to position the United Kingdom as a crypto-friendly tech hub. It is intended that these stable coins would be recognized as a valid form of payment in the United Kingdom.

The Chancellor of the Treasury of the United Kingdom, Rishi Sunak, stated that with appropriate regulation, they could provide a more efficient means of payment, and make a vast expanse of choice available to consumers. In his speech, Rishi Sunak stated: “We want to see the businesses of tomorrow, and the jobs they create, here in the UK, and by regulating effectively, we can give them the confidence they need to think and invest long term. Rishi Sunak also put in a request at the Royal Mint of the United Kingdom for the issuance of a Non-Fungible token.

The Treasury of the United Kingdom is also set to introduce a financial market infrastructure sandbox in order to enable companies and firms enhance the competitive nature of the United Kingdom’s tax system in order to encourage the further development of the Crypto asset market