In the coming hours, U.K. regulators are set to introduce the much anticipated financial services bill to UKParliament, which includes rules for the use of stablecoins as payment tools. By iamsandali
of crypto-friendly finance minister Rishi Sunak and senior Treasury official Jon Glen, threatened to shake up the plans.
In May, the collapse of $18 billion stablecoin terraUSD prompted the Bank of England, the U.K.’s central bank, to publishon its plans to regulate similar cryptoassets, and proposed the bank be given the power to appoint administrators to oversee insolvency procedures for failed stablecoin issuers. Earlier this month, the Bank of England’s deputy governor Jon Cunliffe hinted at a delay in news on crypto regulations in light of the cabinet reshuffle, butas the newly appointed finance minister on Tuesday, Nadhim Zahawi said the framework “reinforces the U.K.’s position as a leading center for technology as we safely adopt crypto assets.”
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