On Monday, UK Chancellor Rishi Sunak outlined plans to regulate stablcoins and issue NFTs.
The regulation aims to recognize stabelcoins as a means of payment. This was announced by the Ministry of Finance. The ministry also noted that with appropriate regulation, steiblocoins could become a more effective means of payment.
“We want to see the businesses of tomorrow and the jobs they create here in the UK. Through effective regulation, we can give them the confidence they need to think and invest for the long term,” Sunak said.
The ministry said regulations will be issued by summer.
Sunak also submitted a request to the Royal Mint for the issuance of the NFT.
Along with these rules, the Treasury will introduce a “financial market infrastructure sandbox” to allow companies to experiment, innovate and explore ways to make the U.K. tax system more competitive to encourage further development of the crypto-asset market.