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UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech

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  • UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech

UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech

UK Reveals Plans to Legalize Stablecoins During the Queen’s Speech

During the 'Queen's Speech,' Prince Charles proposed the notion of a crypto law. Because of the Queen's illness, Prince Charles spoke to the people in her place. 38 new measures were presented during the Queen's annual speech to the British Parliament. Education, infrastructure, health, and security were all addressed in the laws. One of the proposals dealt with cryptocurrencies, whose regulation is in high demand due to their growing popularity and activities throughout the nation.

The new cryptocurrency law, according to Prince Charles, would be targeted at "tackling illegal financing, curbing financial crime, and assisting local firms in growing." Stablecoins will be included in UK payments law, according to Economic Secretary @JohnGlenUK. This positions the UK financial services industry at the cutting edge of technology, allowing stablecoin issuers and service providers to operate and invest. April 4, 2022 — HM Treasury (@hmtreasury) In these tumultuous times, a bold decision The decision to make stablecoins legal money comes only days after the spectacular crashes of LUNA and UST, which wreaked havoc on the crypto world and prompted widespread worry among experts.

However, Chancellor of the Exchequer Rishi Sunak states that the UK Treasury has a goal of "always being at the forefront of technology and innovation." Nonetheless, the UK Treasury does not intend to use algorithmic stablecoins like UST as legal currency, preferring instead to use fully backed stablecoins like USD Coin (USDC) and Tether (USDT). The proposed law intends to bring new development prospects and financial stability to local enterprises while also guaranteeing that the latest financial technology are effectively incorporated into daily life in the nation. The recent stablecoin fall was also brought up as part of the conversation.

"The government has been clear that some stablecoins are not appropriate for payment purposes since they share features with unbacked crypto assets," a representative for the UK Treasury said of the proposed law. A UK court has declared NFTs to be valuable property. The UK government's legislative approach comes only weeks after a UK court decided that non-fungible tokens (NFTs) constitute private property. Hackers stole two 'Boss Beauties' NFTs—numbers 680 and 691, according to Lavinia D. Osbourne, CEO of Women in Blockchain Talks. NFTs are personal property, according to the High Court, and so protected by law.

The Court then ordered OpenSea to provide information about two account holders who were in possession of the stolen digital goods, and an injunction to freeze the assets on OpenSea's host network was quickly issued. The decision was reached at a court hearing in London's High Court of Justice (which is similar to the US Supreme Court). The momentous decision represented the first time a High Court recognized NFTs as private property in an official capacity, giving the UK and the rest of the globe reason to rejoice. Nonetheless, it is unclear how the verdict would effect the legal crypto environment in the United Kingdom.