Today the UK published its Financial Services and Markets Bill, which repeals a number of EU laws. The bill covers several topics, including stablecoins and the Financial Market Infrastructure (FMI) Sandbox, which could be used for DLT security token trials.
Instead of incorporating detailed rules, the bill aims to be ‘agile,’ giving extensive rule-making authority to regulators.
The UK’s HM Treasury has these powers for both stablecoins and the FMI Sandbox. This step is taken when rule-making by regulators such as the SEC is being questioned in the United States.
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