The House of Commons has published a briefing paper, 'Regulation of cryptocurrency', which aims to further government plans to make the UK a hub for fintech and cryptoasset technology.
The paper, published in January, outlines plans to regulate cryptoassets, protect consumers and regulate ‘stablecoins’ (a cryptocurrency which, like bitcoin, uses distributed ledger technology but which attempts to overcome the associated volatility either through the backing of fiat currencies or by using algorithms to control supply). The Financial Services and Markets Bill includes provision for the regulation of stablecoins.
The paper also notes that the government seeks to add references to cryptoassets to criminal and civil asset recovery powers via the Economic Crime and Corporate Transparency Bill 2022.
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