According to a statement released by the firm on Wednesday, Singapore-based cryptocurrency network Crypto.com has registered with Britain’s financial services regulator.
As a result of joining the Financial Conduct Authority (FCA) register, Crypto.com is authorized to provide services and goods relating to crypto assets to consumers in the UK.
Stablecoins are digital currencies created to overcome the volatility that renders bitcoin and other digital tokens unsuitable for the majority of transactions by maintaining a consistent value in relation to fiat money or a commodity like gold.
The government declared that all stablecoins that make reference to fiat money should be governed. The finance ministry stated that the strategy “would assure convertibility into fiat currency, at par and on-demand” and that the Bank of England would oversee “systemic” stablecoins.
Britain will hold consultations later this year to develop legislation for a larger range of crypto assets, including bitcoin while taking the sector’s energy use into consideration.
“If crypto technologies are going to be a big part of the future, then we in the UK want to be in, and in on the ground floor,” Glen told UK Fintech Week.
“We see enormous potential in crypto and we want to give ourselves every chance to take maximum advantage.”The “comprehensive strategy” for Britain will also explore the potential of blockchain, including if it can be used to issue gilts or bonds from the British government. Glen said, “I don’t know the answer, but let’s find out.”