Circle, meanwhile, said it agreed with the UK government's objectives"to bring cryptoassets into the UK regulatory perimeter and create proportionate and agile rules so that digital asset firms can thrive and provide innovative and cost-reducing financial services to the UK market."
The company, which manages the USDC stablecoin, said the country should make the registration process for digital asset firms"simple and transparent, with clear indicative timelines and feedback from supervisors on what constitutes good or bad practices." "Circle urged HM Treasury to swiftly disclose its plans for the regulation of fiat-backed payment stablecoins,"."Circle requested additional clarity on the distinction between what constitutes ‘cryptoasset’ activity versus activity related to payment stablecoins involved in payment service provision."
The UK's consultation process comes as companies have been accusing the primary regulator on the other side of the Atlantic, the U.S. Securities and Exchange Commission, ofA16z crypto, the venture capital fund, said yesterday that it'sto the pending legislation and said"a 'one-size-fits-all' approach to the regulation of cryptoasset transactions would not be consistent with the Treasury’s core design principle of 'same risk, same regulatory outcome.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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