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Guidelines issued for the crypto sector in the UK, payments can be made with stablecoins

The UK has allowed stablecoins to be used as a means of payment, releasing new guidelines for the crypto segment. Tether and Binance USD are combined with reserve assets such as gold or common currencies. This can lead to an increase in the performance of the assets associated with them even when the crypto market declines. 

The UK government started discussions on crypto assets and stablecoins last year. Its findings were announced by UK Economic Secretary John Glenn at the Global Finance Summit. an official blog post “The government intends to bring stablecoins under the regulatory purview of payments. In addition, conditions for stablecoin issuers and service providers to conduct business and investment in the UK will be set,” it said. To turn Britain into a crypto hub, Finance Minister Rishi Sunak has ordered the creation of government-guaranteed non-fungible tokens (NFTs). 

“The ambition is to turn the UK into a hub for crypto asset technology. The guidelines issued by the government will help ensure that firms in this segment can invest and innovation in the UK,” he added. The UK has decided to organize a ‘CryptoSprint’ with industry leaders to kick-start the discussion on crypto assets. In this two-day conference, aspects related to crypto assets will be discussed. “A Crypto Asset Engagement Group will be set up. It will include regulatory authorities and key industry leaders to advise the government on issues related to the crypto segment,” the blog post said.

However, UK financial regulatorsThere have been fears of instability in the economy due to the introduction of large scale use. Regulators of the European Union also recently warned about cryptocurrencies. He said that those investing in cryptocurrencies should be prepared to lose all their money. In many countries including America, work is also being done on making laws regarding the crypto segment. With the rise in scams in the segment in recent months, regulators have called for increased scrutiny of the industry. 

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