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United Kingdom has prepared a bill on stablecoins as a means for payments

Nadhim Zahawi The British Finance Minister
Nadhim Zahawi | British Finance Minister

The British Finance Minister will submit to parliament a bill on financial services and markets clarifying the procedure for using stablecoins. Nadhim Zahawi is confident that the bill will increase the flexibility and competitiveness of the British financial services sector. 

The official acknowledges that crypto assets and stablecoins can increase the efficiency of transactions due to the huge potential for transforming the country's financial landscape.

The UK is one of the world leaders in the field of fintech, so the kingdom is obliged to use the opportunities of digitalization and innovative products, Zahavi believes.

Consumers should be protected by legislation, and victims of cryptocurrency fraud can be compensated. It is also necessary to eliminate the risks of cyber attacks by protecting access to cash for millions of people who rely on these funds

Zahavi said

In addition to protecting consumer rights, the bill will establish standards for the use of stablecoins for making payments, as cryptocurrencies are introduced into retail and other business areas. The document will also include a roadmap for the adoption of stablecoins, which will accelerate the spread of digital assets in the UK. In addition, cryptocurrency companies, issuers of stablecoins and custodial services will be required to register with the UK Financial Supervision Authority (FCA). In May, the British Ministry of Finance began to develop regulations that will allow investors to return funds in the event of the collapse of stable coins or the bankruptcy of issuers of crypto assets. 

Recently, the British government has opened a public consultation on the taxation of decentralized finance (DeFi). Officials promise to simplify the filing of tax returns to participants in this industry.

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