CryptoUK believes that the country should keep its crypto regulatory approach in alignment with that of the U.S. The crypto trade advisory body has said that the U.K. could fall behind if it does not keep pace with the U.S.
Last week, Bloomberg reported that the Bank of England (BoE) is planning to finalize U.K.’s stablecoin regulations by the end of 2026. As part of its efforts in this direction, the BoE will reportedly be opening a consultation on November 10 seeking suggestions on potential stablecoin rules.
Lauding the development, a CryptoUK spokesperson said the overall digital assets industry will get more confidence once the U.K. starts adding more clarity to its regulatory approach, CoinTelegraph reported on Tuesday, November 21.
“The crypto industry is truly global and that means the competitive landscape shifts quickly for our members,” the report quoted the spokesperson as saying.
Stablecoins are digital assets that are pegged to fiat currencies which keeps them more stable compared to other tokens amid market fluctuations.
Earlier this year, U.S. President Donald Trump signed the stablecoin-focussed GENIUS Act into law. As per the White House, it clearly defines the dos and don’ts for the issuers of stablecoins, prioritizes consumer protection, and strengthens the position of the USD.
Following the strides made by the U.S. around stablecoins, the BoE governor Andrew Bailey also shared positive opinions around exploring the asset.
Earlier this month, for instance, Bailey had said that adopting stablecoins could reduce U.K.’s dependence on commercial banks. He had said that in a system separating money from credit, banks and stablecoins could coexist, while non-banks take on a larger role in providing credit.
Founded in 2017, CryptoUK and over 30 of its member Web3 firms are working closely with the UK Government, policy makers and regulators to shape up the Britain’s Web3 ecosystem.