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Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24–31

MARKET_WATCH Regulation

From El Salvador and Lugano’s collaboration to yet another lawsuit against Do Kwon, this is what the last week in regulation looked like. 

 

The first full week under the leadership of the newly-elected Prime Minister Rishi Sunak saw a major landmark for crypto regulation in the United Kingdom. The Financial Services and Markets Bill, made public on Oct. 25, aims to enhance the U.K.’s position as a “global leader in financial services” — but what is more important is that it contains some new definitions for crypto products. 

 

The bill moves stablecoins from the category of crypto assets to digital settlement assets (DSA) — a new category marked by its potential “to develop into a widespread means of payment.” It’s yet to be seen what regulations the DSA will be subject to and if this change of status will guarantee them a green light for adoption. But, even that scope of change brings optimism.

 

It seems we may witness unprecedently active pro-crypto regulation on the islands, given Sunak’s known ambitions on the matter. The new PM voiced has previously voiced his support for crypto and even commissioned the Royal Mint to issue a nonfungible token (NFT) by the end of the year during his time as the head of the treasury. However, the industry still faces pressure from local banks, which try to block businesses and individuals from investing in cryptocurrency.

Singapore intends to ban cryptocurrency credits

 

In one of two consultation papers on proposals for regulating the digital payment token service providers, issued last week by the central bank of Singapore, there is a proposition to ban digital payment tokens (DPTs) from providing retail customers with “any credit facility,” whether in the form of fiat currencies or crypto.

According to the regulator, crypto service providers should also not be allowed to accept any deposits made using credit cards in exchange for crypto services. According to the authority, “Any form of credit or leverage in the trading of DPTs” would result in the “magnification of losses,” potentially leading to bigger losses than a customer’s investment.

 

 

Source : cointelegraph.com/news/stablecoins-have-a-new-name-in-great-britain-law-decoded-oct-24-31 by Cointelegraph By David Attlee - October 31, 2022

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Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Ltd, Reg number 12208424 and incorporated in the United Kingdom is the registered agent of Modulr FS Limited, a company registered in England with company number 09897919, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata Pay Europe Limited, Reg number 69028 and incorporated in Ireland is the registered agent of Modulr FS Europe Limited, a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242). Traditional currency is safeguarded as e-money in accordance with our regulatory obligations. Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

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