The UK Treasury plans to include the regulation of stablecoins as a payment mechanism in the Financial Services and Markets Bill, The Telegraph has reported.
The publication has cited the words of a representative of the Treasury, who has indicated the decision to supplement the document was announced in a speech by Queen Elizabeth II dated May 10, 2022.
In the address, Prince Charles announced the introduction of new legal regulations in various sectors and measures to stimulate economic growth to improve living standards in the region. According to the statement:
“A bill will be introduced to further strengthen the powers to combat illegal financing, reduce economic crime and promote business growth.”
We should take into account that the Treasury will not include algorithmic stablecoins in the document as they “do not guarantee stability.”