Some developed countries are starting to soften to acknowledge the existence of the crypto industry in their country. Recently, the UK has begun to recognize the existence of these digital assets.
Even so, the more recognized cryptos still tend to be stablecoin-type cryptocurrencies, because they are almost similar to major currencies, generally denominated in dollars.
Earlier on Sunday (27/3/2022), the British government planned to release regulations regarding the cryptocurrency market. This is done to control the flow of digital currency funds.
Four sources told CNBC International that the rules will focus on a type of digital coin (tokens) known as stablecoins. They say this regulation will tend to benefit the industry by providing legal clarity for a sector that has so far been largely under-regulated.
“British Treasury Secretary Rishi Sunak is expected to make an announcement in the coming weeks about a new regulatory regime for crypto,” the source was quoted as saying Sunday.
The source added that London has so far shown a willingness to understand the complexities of the crypto market and so-called stablecoins. The UK Treasury has also been in discussions with a number of companies and trading groups such as Gemini.
Prior to the UK, several had declared and created rules to support crypto-related transactions. As for some of these countries, namely the United States (US), Japan, South Korea, the Philippines, El Salvador, and Ukraine.