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U.K. to make Stablecoins a Recognized Payment Method

 U.K. crypto

The U.K. has announced on Monday to allow stablecoins to become a recognized payment method and relax crypto regulations. The government plans to amend the Banking Act 2009 and the Financial Services (Banking Reform) Act 2013 to bring certain stablecoin payments into its regulatory purview.

A financial market infrastructure sandbox will be established to ensure digital asset companies can innovate.

Chancellor Rishi Sunak said he wants to give businesses the confidence to make long-term investments, determined to give the U.K. a competitive edge after Brexit, adding:

"It's my ambition to make the U.K a global hub for crypto-asset technology, and the measures we've outlined today will help to ensure firms can invest, innovate and scale up in this country."

In the announcement, the U.K. said that it believes stablecoins "could provide a more efficient means of payment and wider consumer choice." under the government's proposals, private issuers would be able to operate provided that they satisfy certain conditions.

The U.K is also going to seek to engage the crypto industry through a two-day consultation that's being called a "CryptoSprint" in May. That's going to be led by the Financial Conduct Authority, a City watchdog that has been fiercely critical of digital assets as an investment and recently criticized over its handling of a registration process for crypto businesses.

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