UK Treasury may soon release crypto regulatory framework: report

The UK Treasury has been revealed to be planning a framework to regulate the burgeoning cryptocurrency market in the country, media house CNBC reported Sunday, citing four industry sources familiar with the matter.

While details were kept vague, a source explained that a key focus will be on the regulation of stablecoins. In addition, the framework would likely be favorable to the crypto market and provide legal clarity which, so far, is absent in the present environment.

“Treasury officials have shown a willingness to understand the complexities of the crypto market and so-called stablecoins, digital assets that derive their value from existing currencies like the U.S. dollar,” one source told CNBC in the interview.

One of the sources also revealed that the Treasury has also approached industry participants, including the cryptocurrency exchange Gemini. Meanwhile, the finance ministry is yet to speak on the matter.

The news comes days after the Bank of England released a report on the cryptocurrency and DeFi industry. The report heavily discussed the implications of the growing crypto market and highlighted the lack of regulations in almost every country.

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