LONDON—To align with E.U. standards, the United Kingdom has unveiled plans to integrate both stablecoins and central bank digital currencies (CBDCs) into its regulatory structure, according to a new report.
“Talks regarding stablecoins and CBDCs have always been debated between crypto natives and traditional finance,” Cryptonews stated.
The U.K. Treasury released a proposal in 2023 to regulate the crypto industry, requiring virtual asset providers (VASPs) to obtain authorization from the Financial Conduct Authority (FCA).
‘Benefit from Integration’
Despite concerns about CBDCs contradicting decentralization, former Bank of England official Varun Paul recently stated that he believes the U.K.’s regulatory structure would benefit from this integration, Cryptonews said, citing a Cointelegraph report.
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