UK government plans to turn the country into a global crypto hub

The United Kingdom’s Department for Digital, Culture, Media and Sport intends to turn the country and its capital London into a ‘crypto hub’. This was announced by the head of the department, Chris Philp, Bloomberg reports.

At the same time, the authorities plan to work carefully on issues of possible money laundering or sanctions evasion via cryptocurrencies, he stressed.

Philp added that for the ‘proper balance’ in regulation they are working closely with the Treasury, the Bank of England and its Prudential Regulation Authority, as well as the Financial Conduct Authority.

Earlier in March, the Bank of England published the framework principles for forming the regulatory framework for cryptocurrencies, with a focus on future risks to financial stability.

In April, the Prudential Regulation Authority increased the budget for the coming financial year to tackle risks related to digital assets.

The Treasury said it intends to include the regulation of stablecoins, except for algorithmic ones, as a payment mechanism in the Financial Services and Markets Bill.

Later, the department released for public consultation a document introducing additional safeguards against the collapse of ‘stablecoins’.

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