In a bid to show its commitment to a "forward-looking approach" in regulating the cryptocurrency space, the UK government is looking to issue non-fungible tokens (NFTs).
At the Innovate Finance Global Summit on Monday, UK’s chancellor Rishi Sunak laid out plans to regulate stablecoins, a move that could see the asset class become a valid form of payment. According to the officials, the government could widen consumer choice of payment and make the process more efficient with the appropriate regulation.
We want to see the businesses of tomorrow – and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.
To this effect, Sunak has asked the Royal Mint, the producer of British coins, to issue an NFT in the coming months.
The Treasury, through its official Twitter account, said the move highlights the “forward-looking approach we are determined to take towards crypto assets in the UK,” adding that the digital collectible will be available by the summer.
Alongside the new plans on stablecoins, the Treasury is looking to introduce a ‘financial market infrastructure sandbox’ that would allow companies to explore ways to enhance the competitiveness of the UK tax system to boost developments in the crypto sector.