Erik Weijers, a year ago

United Kingdom wants to regulate stablecoins

According to a spokesperson for the UK Treasury, a new law will include a regulatory framework on stablecoins. It's yet another sign that the UK wants to embrace crypto instead of pushing it away.

Among other things, the spokesperson said:

“This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards.”

Regulation of crypto also came up in Prince Charles' speech on behalf of Queen Elizabeth last week. Also in the context of fighting crime. This is not to say that the UK has a negative attitude towards crypto. On the contrary. The country has expressed its desire to become a forerunner in the crypto industry. The British government had made the news on numerous occasions in recent weeks. Among other things, with the Royal Mint's intention to mint an NFT.

Stablecoins here to stay

Like the UK, the United States has already indicated its intention to regulate stablecoins rather than ban them. However, the question is whether there will be a shuffling in the stablecoin market, with some getting the green light and others being marginalized. USDC, for example, seems to have a good shot. Algorithmic stablecoins without collateral will undoubtedly struggle. Especially given the crash of UST last week.

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
Stablecoin issuer Tether has bought BTC for its reserves

May 18, 2023

Stablecoin issuer Tether (USDT) in its recent reserves report reveals that the company holds approximately 52 thousand BTC, worth a respectable $1.5 billion. This is only a fraction of its total assets but signals an interesting potential trend of institutions allocating a piece of their capital to Bitcoin.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

App Store
Google Play Store
  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • Support
Subscribe for updates

Sign up to stay informed via our email updates

Explore popular coins
    © 2023 LiteBit - All rights reserved