Government trying to regulate cryptocurrencies

This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation. Stablecoins are a form of cryptoasset that are typically pegged to a fiat currency such as the dollar and are intended to maintain a stable value.

With appropriate regulation, they could provide a more efficient means of payment and widen consumer choice. The government intends to legislate to bring stablecoins — where used as a means of payment — within the payments regulatory perimeter, creating conditions for stablecoins issuers and service providers to operate and invest in the UK.

By recognising the potential of this technology and regulating it now, the government can ensure financial stability and high regulatory standards so that these new technologies can ultimately be used both reliably and safely. He also announced that the UK will proactively explore the potentially transformative benefits of Distributed Ledger Technology DLT in UK financial markets, which enables data to be synchronized and shared in a decentralised way to potentially achieve greater efficiency, transparency and resilience.

The government further confirmed that it will initiate a research programme to explore the feasibility and potential benefits of using DLT for sovereign debt instruments. John Glen also confirmed that the government will consult on wider regulation of the cryptoasset sector later this year. Other measures include: The UK government will explore ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.

It will review how DeFi loans — where holders of cryptoassets lend them out for a return — are treated for tax purposes. In addition, cryptocurrency holders are often targeted by bad cyber actors, and as digital currencies become more sought after as a result of sanctions, the targeting can be expected to increase.

Among the objectives of the new sanctions is to target the wealth of key political figures and other national security officials, oligarchs, and institutions of Russia. Evolving digital assets technology presents a changing and enduring threat that could potentially undermine sanctions compliance of financial institutions.

Cryptocurrency appeals to sanctioned individuals, entities, or institutions because of: The ability to make rapid transfers without intermediary or geographic limitation, Perceived finality of settlements, The ability to publicly verify transactions, Pseudonymity, and Varying and limited regulatory oversight and requirements. Consumer Protection: The increased use of digital assets, exchanges, and trading platforms may increase the risks of crimes targeting consumers such as fraud and theft, other regulatory violations, privacy, and data breaches, unfair and abusive acts or practices.

In response, providers of digital asset products and services to consumers must put the proper consumer protections in place. Detecting Illicit Finance: Digital assets have facilitated cybercrime-related financial networks and activity, including ransomware, that could pose national security risks.

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