The U.K. Treasury, with Sunak at the helm, ushered in Britain’s post-Brexit financial strategy earlier this year, which includes measures to bring crypto stabilized against sovereign currencies (collectively known as stablecoins) into the scope of local payments regulations. The Financial Services and Markets bill is now moving through Parliament, and was recently injected with rules to regulate crypto broadly as financial instruments. The proposed regulations could solidify the U.K.’s crypto agenda in the wake of the European Union’s own sweeping Markets in Crypto Assets (MiCA) framework targeting digital assets, service providers and stablecoin issuers.
