Crypto advocates in the U.K. have largely welcomed a new bill that could bring digital assets like stablecoins into the scope of local payments regulation. But there’s uncertainty about how the new rules will look like, should the bill pass.
The bill is scheduled to be debated in Parliament for the first time in September. It will move through a complex legislative process that could be slowed further by the recent cabinet shuffle, and crypto advocates are awaiting indications from regulators on how they plan to interpret and enforce the rules.
“We will have to wait to see what new rules are introduced as a consequence of the bill to fully understand the new powers and approaches of the various regulators,” James Alleyne, legal counsel at the London-based law firm Kingsley Napley, who advises crypto firms on compliance, told CoinDesk in a statement.
The proposed stablecoin rules are part of a larger financial-services and markets bill that maps out the U.K.’s post-Brexit economic...
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