LONDON—Recently appointed Chancellor of the Exchequer, Nadhim Zahawi, has introduced a new Financial Services and Markets Bill (FSMB) that intends to bring stablecoins under the control of U.K. regulator.
"[The bill] reinforces the U.K.'s position as a leading center for technology as we safely adopt crypto assets," Zahawi said, as reported by Altfi.com.
The analysis notes the FSMB represents a major financial regulatory shakeup since the U.K.'s departure from the European Union and demonstrates its “willingness to contend with the crypto industry.”
In the bill, HM Treasury has been granted new powers to introduce rules on the regulation, payment systems and service providers dealing with stablecoins and "digital settlement assets.”
In addition, Altfi.com reported that alongside an expansion of the Treasuries regulatory oversight, Financial Markets Infrastructure sandboxes have also been created.
“These sandboxes will allow firms to test new technologies and other programmable and blockchain-related capital market products in a regulated environment,” Altfi.com said.
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