U.K. outlines steps to regulate stablecoins as means of payment

The U.K.'s finance ministry on Monday has outlined proposals to regulate stablecoins, or virtual tokens pegged to an asset, as a means of payment, according to a response document. As cryptocurrencies' uptake continue to grow worldwide, the ministry said it wants to consult later this year on forming regulations for a broader set of digital asset activities. The proposed steps to regulate stablecoins "confirms the government’s intention to take the necessary legislative steps to bring activities that issue or facilitate the use of stablecoins used as a means of payment into the UK regulatory perimeter, primarily by amending existing electronic money and payments legislation," the report explained. Specifically, the government is considering "that an amended e-money framework can deliver a consistent framework to regulate stablecoin issuance and the provision of wallets and custody services." It's also planning to extend the applicability of Part 5 of the Banking Act 2009 to