UK to Focus Regulation on Stablecoins Rather Than Crypto in General: Report

“We believe the case for intervention in the wider cryptocurrency markets is less immediately pressing,” Economic Secretary to the Treasury John Glen said Tuesday.

Mar 30, 2021 at 12:30 p.m. UTC
Updated Sep 14, 2021 at 12:33 p.m. UTC

The U.K. will focus on regulating stablecoins rather than cryptocurrency in general, according to statements made by a treasury minister, Reuters has reported.

  • Speaking at a City & Financial conference Tuesday, Economic Secretary to the Treasury John Glen said stablecoins could pose a threat to competition.
  • “There is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale and plug into existing online services,” Glen said.
  • It is likely he was referring to a stablecoin like diem. Announced by Facebook in June 2019 as libra, the proposal was met with widespread concern from governments and central banks.
  • The U.K. Treasury released a consultation paper in January to gather feedback on the government’s approach to regulating stablecoins and other cryptocurrencies.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Web 3 Education Platform Pitches ‘Earn While You Learn’ to Business Executives

Metacademy.xyz’s mix of crypto incentivization and education already boasts 2,000 users, founder Shelly Palmer told CoinDesk.

Metacademy.xyz’s mix of crypto incentivization and education already boasts 2,000 users, founder Shelly Palmer told CoinDesk.

CoinDesk - Unknown
2
CoinDesk - Unknown
Tether ‘Transparency Is Needed’ Following Terra’s UST Collapse: Analyst

The director of blockchain market research Quantum Economics said during CoinDesk TV's "First Mover" that Tether should be more transparent about “what they actually hold on their balance sheets.”

The director of blockchain market research Quantum Economics said during CoinDesk TV's "First Mover" that Tether should be more transparent about “what they actually hold on their balance sheets.”

CoinDesk - Unknown
3
CoinDesk - Unknown
OCC Chief Hsu: Crypto Industry Has Unhealthy ‘Dependency on Hype’

Michael Hsu, acting head of the U.S. Office of the Comptroller of the Currency, has worked to limit banks’ involvement in cryptocurrencies.

Michael Hsu, acting head of the U.S. Office of the Comptroller of the Currency, has worked to limit banks’ involvement in cryptocurrencies.

CoinDesk - Unknown
4
CoinDesk - Unknown
Coinbase Becomes First Crypto Firm to Enter Fortune 500 List and the Latest from Davos

The most valuable crypto stories for Tuesday, May 24, 2022.

The most valuable crypto stories for Tuesday, May 24, 2022.

CoinDesk - Unknown