A new measure will regulate stablecoins in the UK.

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Treasury will regulate "some sorts" of stablecoins as a means of payment in a new finance bill to eliminate EU-retained regulations.

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The Financial Services and Markets Bill will provide the government unprecedented authority to review existing financial rules in the public interest.

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When Brexit went into force in early 2020, the EU took a similar approach to stablecoin law by introducing the MiCA bill.

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In addition to strict operational and regulatory regulations, MiCA imposes a daily transaction cap of 200 million euros on significant stablecoin issuers.

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MiCA and UK law aim to combat regulators' view that stablecoins pose a threat to financial stability after Terra's collapse in May.

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In the UK's Financial Services bill, Financial Markets Infrastructure Sandboxes will be created to test new technology and processes.

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