UK to Tighten Regulation of Stablecoins
The UK will develop a set of laws to regulate the stablecoins. This was announced by the head of the Ministry of Finance of Great Britain on March 30th
According to John Glenn, the country's regulators plan to focus on the regulation of stablecoins, rather than the entire cryptocurrency market as a whole. It pleases and inspires))
The starting point in this decision was the launch of a large number of stablecoins. Many of them have a multi-million dollar capitalisation and are successful with users in international and domestic translations.
Some like Facebook's Diem/Libra are of great concern to central banks and Governments. They become competitors of fiat payment systems.
Therefore, the British authorities wish to regulate this area in order to manage risks. But in a more global sense, the authorities do not intend to regulate the sphere of cryptocurrencies at the moment. Bitcoin and other cryptocurrencies are still in relative security.