UK to announce plans to regulate cryptocurrencies soon

CNBC reports that the UK is set to release its plans for regulating the crypto market in the coming weeks.

Government officials have been talking to industry players such as crypto exchange Gemini in preparation, according to the CNBC report.

The regulatory framework will focus on stablecoins in particular.

CNBC reports that the UK’s finance minister, Chancellor Rishi Sunak, is expected to announce the new rules for the crypto market soon, and they are likely to be favorable to the industry.

Governments and regulators have scrambled to understand and properly monitor the industry.

The UK is looking to work with the crypto industry to mitigate risks and facilitate a safe environment for investors.

According to CNBC, the UK government has been in consultation with several companies and trade groups, including the Winklevoss twins’ exchange Gemini, which issues its own stablecoin, the Gemini dollar.

Banks and other institutions have become increasingly interested in entering the crypto markets, and clear regulation is seen as necessary before they can dive in more deeply.

On Thursday, the Bank of England noted this interest as it laid out ideas for the UK’s first regulatory framework for crypto assets. It has given banks a deadline of June 3 to set out crypto plans and said UK regulators are likely to need new powers.

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