UK Authorities Concerned with Monopolisation will Address Stablecoin Regulations
By Tyler S - Cryptocurrency Investor - 30-03-2021
According to John Glen, the financial services minister in the UK, stablecoins will become the primary target of the government's crypto buying regulatory operation. This is because stablecoins are cryptocurrencies that have a fixed price, for example Tether (USDT) is the equivalent to 1 USD, which makes it easier if you want to convert crypto, so you can do crypto to fiat and vice versa.
It’s reported that Glen made his remarks on Tuesday while speaking at a City & Financial Global conference stating that “there is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale and plug into existing online services,” Glen observed.
Admittedly, the minister's statement is actually very similar to that of other financial regulators who have spoken out against the Diem stablecoin venture. Diem, which was first known as Libra, has raised issues from several regulatory authorities in a number of countries, with concerns that Facebook's global reach has a major risk factor towards sovereign monetary policies who are part of the initial crypto asset management project.
Diem has tried to solve these regulatory obstacles by overhauling the project. And yet, on the other hand, Diem has not obtained regulatory permission to start unveiling its stablecoin.
Rishi Sunak, the Chancellor of the Exchequer, said in November 2020 that Brexit represented a watershed moment for the United Kingdom's financial services industry, announcing at the time that the government will focus on leveraging novel Fintech technologies such as central bank digital currencies and stablecoins to guarantee modernization for the country in the new world of crypto trading.
If you are looking to buy and sell cryptocurrency but you’re not sure how to buy Bitcoin (BTC), and other popular crypto online, then you can just head over to BC Bitcoin where you can easily register an account to start trading today.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards