The UK HM Treasury Announces that London is Open for Crypto Business

On 4 April 2022 at UK Fintech Week, John Glen, Economic Secretary to the Treasury (EST)
announced that London is open for Crypto Business. Outlining a three point plan, the EST stated
that the UK:

  • has a detailed plan;
  • is determined to learn quickly; and
  • Government needs to play a leading role.

Following the consultation paper on stablecoins and cryptoassets last year, the detailed plan
includes with a number of initiatives. Firstly, it looks to bring stablecoins within the remit of
existing payments regulation. In practice, this will mean that where stablecoins are being used as
a means of payment, they will amend the e-money framework to regulate stablecoin issuance
and the provision of wallets and custody services.