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The UK plans to revise payment rules to support stablecoins and tokenized deposits
BlockBeats News, April 21, According to Cointelegraph, the UK is re-evaluating its payment regulatory framework to support the application of new financial technologies and payment methods such as stablecoins and tokenization.
In a statement on Tuesday, the UK Treasury and Treasury Minister for Economic Affairs Lucy Rigby stated that the government will consult on reforms to payment services and electronic money regulations.
The UK Treasury said these changes aim to establish a unified regulatory framework for traditional payments and tokenized payments (including stablecoins and tokenized deposits). It also indicated plans to advance legislation to reduce administrative burdens on businesses providing stablecoin payment services.