Treasury President Rishi Sunak said staplecoins should be integrated with the UK payment system. Therefore, this type of crypto-asset can be classified as a payment method in the UK.
Furthermore, Rishi Sunak said that the UK can attract companies operating in the crypto market who want to “invest, innovate and grow in this country”. The report of the Executive Committee was presented during the recent Global Finance Summit in London.
The UK says more protection for staple coins
StapleCoy’s regulatory program aims to provide greater security for users of crypto assets. According to the legislative proposal, the United Kingdom should introduce legislation that can serve as a model for other countries.
Speaking about tax collection in the crypto market, Rishi Sunak advises that it will not take a major tax reform in the UK to consolidate crypto assets.
The National Treasury should propose regulatory initiatives related to the tools widely used in the crypto market, namely decentralized finance (DeFi) credit protocols and stocking schemes for digital assets.
Although the regulation introduces measures for the monitoring and regulation of digital currencies, the United Kingdom is seeking to change the provision for tax concessions to asset managers who hold cryptocurrencies in their portfolios.
This is not the first time the UK has issued regulatory action on staple coins. In 2019, the UK Financial Conduct Commission established through the Guidelines for Crypto Assets that companies in the crypto market will be subject to current tax law.
The move is valid for sites that offer international payments with crypto-assets, however, until then the rule does not apply to digital currencies, only to companies in the industry.
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