Her Majesty’s Treasury in the U.K. issued a document that details a series of proposals addressing the crypto community. With the consultation, the Treasury is initiating a “regulatory approach to cryptoassets and stablecoins” for 2021 following the Brexit turmoil.
Special Focus on Stablecoins Regulation
According to the official announcement, the consultation mainly targets stablecoins to gather investments and wholesale uses. The HM Treasury expects to collect insights from the “industry and stakeholders” in the crypto sphere until March 21, 2021.
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In 2018, the British government launched a cross-authority taskforce to assess the impact of a “rapidly developing cryptoasset market” in the economy.
With such motivation, the HM Treasury wants to “ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability.”
The Treasury explains in the document why they put a special focus on stablecoins after the taskforce’s launching:
Two years on, the landscape is changing