Increased regulation of Cryptocurrencies
The UK has now introduced two bills, related to the seizure of, and support for cryptocurrencies.
The Financial Services and Markets Bill aims to support the "safe adoption of cryptocurrencies".
Meanwhile the Economic Crime and Corporate Transparency BIll proposes to "create powers to more quickly and easily seize and recover crypto assets"
This is all part of the new governmental strategy to increase its regulatory framework regarding crypto assets and blockchain technology.
This shows us that the government is keen on incorporating crypto assets into their national financial strategy. This is understandable, when considering that 2.3 million people are now invested in crypto.
This could also potentially mean that stable coins would now be recognised as a form of payment, which is good news for private investors. However, could this lead to an increase in tax? Particularly on transfers to and from liquidity pools.