The Treasury of Her Majesty in the U.K. is issuing a document with the details that discusses a series of proposals, addressing the cryptocurrency community. Along with consultation, the Treasury is opting for “regulatory approach to cryptoassets and stable coins” in 2021, following the Brexit turmoil.
As per the official announcement, the consultation is going to target the stable coins for gathering investments for wholesale use. The Treasury is expecting to collect insights from the crypto sphere of ‘industry and stakeholders.’
The British Government launched a task force for cross-authority in 2018. It is also assessing the economy market’s impact, which is a “rapidly developing crypto asset market.” The British Government is also coming with motivation as the H.M.
Treasury wants to ensure the framework for the regulatory, which is going to harness the benefits of the advanced technologies. It is also coming with the support of the innovation and wide competition with the mitigation of risk to ensure consumers’ stability.
The Treasury explains about the document, why they will put special attention to the stable coins after the task force.
The documents are signed by John Glen, the Economic Secretary of the U. K Treasury. This approach is indicating the first stage in the consultative process, along with the crypto group. They also want to mark the most serious risks as they are stressing on the risk-leasing approach of the regulation.
Glen said, “the Government will continue to actively monitor new and emerging risks as this market continues to mature. We will stand ready to take further regulatory action to ensure the market is working for the people and businesses who operate in it.”
The U.K. Financial warned the investors about the risk of investing in cryptocurrency, and the surge is also related to the industry of scam.