The UK government has been making consistent efforts to increase the country’s involvement in the global digital asset industry. In a new development, the UK government has revealed plans to issue a non-fungible token (NFT).
The Royal Mint NFT
Rishi Sunak, the Chancellor of the Exchequer, has asked the UK’s Royal Mint, the government-owned mint responsible for producing British coins, to create an NFT in the coming months.
The Royal Mint NFT is expected to be ready by the summer. Per the announcement, which was made during the Innovate Finance Global Summit on Monday, this latest move is part of the forward-looking approach the UK government is determined to take regarding crypto and the technology behind it.
The Chancellor noted that he intends to place the UK “at the forefront of technology and innovation.” He added,
“It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.”
Stablecoins to be Regulated in the UK
Among several efforts to make the UK a global hub for cryptoasset investment, the UK government also revealed plans to regulate stablecoins in the country.
The announcement noted that stablecoins have the potential to provide a more efficient means of payment since their peg to a fiat currency helps them maintain a fairly stable price.
With this in mind, the government plans to bring stablecoins under its payments regulatory framework. This will create a favorable environment for stablecoin issuers and service providers to operate in the UK, as well as widen consumer choice.
The government acknowledged that regulating stablecoins will ensure financial stability and create high regulatory standards, facilitating the use of these nascent technologies safely.
“We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term,” Sunak added.
A few weeks ago, the Bank of England (BoE) released its first regulatory framework for crypto assets. This comes amid a renewed surge in interest to regulate cryptocurrencies globally. Earlier today, Georgia revealed plans to regulate crypto markets in the country.
