Treasury announces it will regulate some forms of cryptocurrency

    Simpson Wood
    9th May 2022
    Home » Categories » Business » Treasury announces it will regulate some forms of cryptocurrency

    The Treasury has announced that it plans to recognise stablecoins as a valid form of payment as part of a wider government initiative to ‘make Britain a global hub for cryptoasset technology and investment’.

    The Treasury defines ‘stablecoin’ as ‘a form of cryptoasset that is typically pegged to a fiat currency such as the dollar and is intended to maintain a stable value’. The government plans to bring stablecoins within regulation, creating conditions for stablecoin issuers and service providers to operate and invest in the UK.

    Commenting on the issue, Chancellor Rishi Sunak said:

    ‘It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined… will help to ensure firms can invest, innovate and scale up in this country.

    ‘We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.’

    Internet link: GOV.UK

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Autumn Statement Summary 2023

    The Chancellor, Jeremy Hunt, delivered his Autumn Statement on Wednesday 22 November. Our summary boils his 110 different proposals down to a concise report of the key points. The Autumn…

    Latest guidance for employers

    HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including: Please contact us for help with tax matters. Internet link: Employer Bulletin

    Hybrid and remote working here to stay

    A large majority of UK business leaders plan to offer employees remote and hybrid working in the long-term, according to the Institute of Directors (IoD). A survey conducted by the IoD…

    Many firms still facing recruitment problems

    Many UK firms are still facing hiring issues as a result of challenging economic conditions, according to a report from the British Chambers of Commerce (BCC). 73% of firms surveyed by…

    Inflation rate holds steady as UK economy grows

    The UK’s rate of inflation held steady in September while the nation’s economy grew the month before, according to the latest figures from the Office of National Statistics (ONS). The…