- Rishi was appointed as the Prime Minister of the United Kingdom in the last week of October 2022.
- Earlier Rishi was serving as finance minister of the U.K.
Rishi Sunak was appointed as the Prime Minister of the United Kingdom by King Charles III on 25 October 2022 and to date, Rishi completed more than a week as PM and witnessed a major milestone for crypto regulation in the United Kingdom.
The Fintech Services and Markets bill, which was made public on 25 October, aims to elevate the UK’s status as a “global leader in financial services”
The Bill shifted stablecoins from the category of crypto assets to digital settlement assets(DSA), a newly launched category upon its ability “to develop into a widespread means of payment.” It remains to be seen what rules DSAs will be subject to and if this change in status will guarantee them the green light to adopt. But, that scope of change also brings optimism.
Yet the crypto sector still mirrors pressure from local banks, who want to prohibit businesses and individuals from investing in cryptocurrencies.
In addition, Sunak commissioned the Royal Mint to create a non-fungible token (NFT), and the government stated that it would examine ways of enhancing the competitiveness of the U.K. tax system to encourage further development of the crypto asset market in the U.K.
In January, Sunak also stated that crypto assets can present exciting new opportunities for people looking for new ways to invest and transact, but consumers mustn’t be sold products with false promises. They support innovation in the crypto asset market while also ensuring that customers are protected.
At the beginning of October 2022 When Rishi Sunak was finance Minister U.K intended to subject the advertisements to the same regulations as financial promotions.
Sunak said in a statement that “crypto assets can present exciting new prospects, offering individuals new ways to transact and invest.” However, it’s crucial that customers are not being sold products with false claims, Sunak added.
The FCA has come under fire for failing to take action against the cryptocurrency adverts that have inundated London’s buses and subway system in recent months as interest in bitcoin and other digital currencies have increased.
According to data from CoinMarketCap while framing this article, the biggest cryptocurrency Bitcoin is trading at $20,540.14 with a 24-hour trading volume of $44,627,812,581.
There are approximately 200+ stablecoins functioning globally and the top five among them are as follows:-
- Tether
- USD Coin
- Dai
- Pax Dollar
- TrueUSD
According to data from CoinMarketCap While writing this article Tether is $0.999836 with a 24-hour trading volume of $65,415,797,740.
The current CoinMarketCap ranking is #3, with a live market cap of $69,408,573,471. It has a circulating supply of 69,419,933,938 USDT coins and the maximum supply of the coin is not revealed yet.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/01/stablecoins-renamed-in-great-britain-reports/