Government sets out plan to make the UK a global cryptoasset technology hub

The government announced last week moves that will see ‘stablecoins’ recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment. In brief:

• Stablecoins are to be brought within regulation, paving their way for use in the UK as a recognised form of payment.

• This is part of a series of measures to make the UK a global hub for cryptoasset technology and investment.

• Measures include legislating for a ‘financial market infrastructure sandbox’ to help firms innovate, an FCA-led ‘CryptoSprint’, working with the Royal Mint on a non-fungible token, and an engagement group to work more closely with industry.