U.K. to Reveal Crypto Regulation Plans in Coming Weeks: CNBC

Want the lowdown on European markets? In your inbox before the open, every day. Sign up here

The U.K. government plans to announce a new regulatory regime for the cryptocurrency market in the coming weeks, with a focus on stablecoins, CNBC reports, citing four unidentified people familiar with the matter. 

The Treasury has been in talks with firms and trade groups including crypto exchange Gemini, an issuer of its own stablecoin that pegs to the U.S. dollar, CNBC cited one of the people as saying. Stablecoins are private tokens typically pegged to the dollar and other fiat currencies. 

Chancellor of the Exchequer Rishi Sunak is expected to make the announcement about the new oversight of digital assets, the report said. The Treasury, which ran a consultation on crypto regulation last year, declined to comment to CNBC. 

On Thursday, the Bank of England called on policy makers to beef up the global framework for regulating cryptocurrencies to prevent them from threatening the wider stability of financial markets.

Read more: BOE Pushes for Tougher Regulation of $1.7 Trillion Crypto Market