British Ministry of Finance “Gathering industry opinions to prepare stablecoin regulations”
With Brexit in effect, with the UK leaving the European Union (EU) in effect, the UK Treasury Department is collecting industry opinions to prepare regulations related to stablecoins.
According to Cointelegraph on the 8th (local time), the UK financial authorities are seeking to collect industry opinions to prepare related regulations such as cross-border stablecoin transactions.
In a public consultation announcement released the day before, the UK Ministry of Finance suggested collecting opinions, saying, “We welcome the opinions of various stakeholders in the industry, especially companies engaged in cryptocurrency trading activities.”
Currently, there is no official legal definition for stablecoins in the UK. Through this public opinion gathering, it is expected that details such as operational qualifications, maintenance methods, and reporting will be confirmed along with an accurate definition of the stablecoin.
This public opinion collection period is until March 21st.
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The UK looks forward to supporting its new national strategy to become an open, attractive and well-regulated marketplace and to renew its position as the world’s leading financial center.
European regulators, on the other hand, point to the dangers of stablecoins in terms of monetary sovereignty and consumer protection, and urge that strict and clear regulatory guidelines be developed.
In September of last year, the finance ministers of five major European countries issued a joint statement stating that the operation of stablecoins in the EU should not be permitted until the legal and regulatory oversight issues are resolved.
Meanwhile, the Currency Supervisory Service (OCC) under the US Treasury recently submitted an interpretation that states that stablecoins can be used in commercial bank payment systems.
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