British Finance Minister Rishi Sunak is expected to announce a new regulatory regime for crypto in the coming weeks, sources tell CNBC.
Stablecoins have seen exponential growth in terms of usage over the past few years, in tandem with rising interest in cryptocurrencies more broadly. Tether, the world's largest stablecoin, now has a total circulating supply of more than $80 billion — up from about $4 billion two years ago.
But those tokens have also caused concern for regulators, who worry they may not be fully backed by an equivalent amount of reserves, and are being used for money laundering and other illicit activities.and other digital currencies, as well as their potential use for evading sanctions imposed on Russia amid its invasion of Ukraine.The Bank of England on Thursday called for policymakers to expand regulatory frameworks to limit the risks posed by crypto to financial stability.
this week if they fail to make it onto the Financial Conduct Authority's cryptoasset register in time for a Mar. 31 deadline. The FCA said a "high number" of crypto businesses aren't meeting the required anti-money laundering standards. Just 33 companies have made it onto the register. More than 80% firms assessed by the regulator have either withdrawn their applications or been rejected.
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