UK Treasury seeks legalization of stablecoins amid Terra UST crash By Cointelegraph

UK Treasury seeks legalization of stablecoins amid Terra UST crash

The UK Treasury, or the UK Treasury, has decided to go ahead with regulating stablecoins as legal tender. While the crypto community welcomed the decision, it was surprising given its proximity to the recent collapse of one of the most popular algorithm stablecoins, TerraUSD (UST).

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A local report by the Telegraph has highlighted the Treasury’s intention to regulate stablecoins across Britain, which was revealed during the Queen’s speech. During the speech, Prince Charles announced the introduction of new legislation in various sectors, including measures to boost economic growth to improve living standards in the region, adding:

“A bill will be introduced to further strengthen powers to deal with illicit financing, reduce economic crime and help businesses grow.” [Proyecto de Ley sobre Delitos Económicos y Transparencia Empresarial]”

A Cointelegraph report released on April 4 reported on the latest action by the UK Treasury, which cited an amendment to the existing regulatory framework to incorporate stablecoins as a payment method.

Read the full article on Cointelegraph

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