The latest law for stablecoins and digital asset activities will build on the foundation laid down by the passage of the FSMA 2023 and is in line with the U.K.'s intent to become a digital hub.
The Bank of England and the U.K. Treasury remain undecided about the necessity of a CBDC in the U.K. but confirmed that neither the Bank nor the government would have access to users' personal data.
The U.K.'s new Economic Secretary, Bim Afolami, will be available to speak to the Crypto and Digital Assets All-Party Parliamentary Group about digital asset firm's access to U.K. banks, according to Chancellor of the Exchequer Jeremy Hunt.
