Great Britain unveiled plans Monday (April 4) to mint its own non-fungible token (NFT) in an effort to become a major player on the global cryptocurrency stage, while also announcing efforts to increase regulation of ‘crypto assets’, in a move that would bring these currencies closer to existing legislation.
According to CNBC, Finance Minister Rishi Sunak has asked the Royal Mint — the government-owned entity charged with minting coins for the UK — to develop and issue the NFT “by the summer,” City Minister John Glen told attendees at a FinTech event in London, adding “there will be more details available very soon.”
Reuters noted that the UK is engaged in a plan to exploit the potential of crypto-assets and the blockchain technology they use to help consumers make payments more efficiently. Glen said the country will create legislation that regulates stablecoins so that they comply with UK payment rules.
Read More: Cryptocurrency Regulation and an Economic Classification of Tokens
“This creation of money-like instruments for transactional purposes poses potential risks that go beyond those usually associated with existing payment systems,” the Bank of England said in the report. “It is necessary therefore to ensure that in addition to the risks of the payment system itself, the risks of this money creation aspect are also managed.”
“We shouldn’t be thinking of regulation as a static, rigid thing,” Glen said, according to CNBC. “Instead, we should be thinking in terms of regulatory ‘code’ — like computer code — which we refine and rewrite when we need to.”
Glen added that the government is “widening” its scope to examine other aspects of crypto, such as Web3, which envisions a more decentralized internet built using blockchain technology.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Regulators Set to Clear Microsoft’s $13B OpenAI Investment
Apr 17, 2024 by
CPI
Biden Pledges to Block US Steel Acquisition by Japanese Firm
Apr 17, 2024 by
CPI
Canada Targets Tech Titans with New Digital Tax in 2024
Apr 17, 2024 by
CPI
EU Privacy Watchdog Calls for Meta to Offer Ad-Free Option
Apr 17, 2024 by
CPI
Japan’s Antitrust Overhaul Targets Tech Titans Like Apple
Apr 17, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – China Edition – Year of the Dragon
Apr 16, 2024 by
CPI
Review Logic and Rules for Concentrations of Undertakings that Do Not Meet the Standard of Notification
Apr 16, 2024 by
CPI
China’s Review of Semiconductor Transactions
Apr 16, 2024 by
CPI
Key Challenges and Tips for Merger Control Filing in China for Listed Companies
Apr 16, 2024 by
CPI
Key Point Review: China SPC Antitrust Judgments in 2023
Apr 16, 2024 by
CPI