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UK Plans to Revise Payment Rules to Support Stablecoins and Tokenized Deposits
On April 21, Cointelegraph reported that the UK is re-evaluating its payment regulatory framework to support the application of new financial technologies and payment methods such as stablecoins and tokenization. In a statement on Tuesday, the UK Treasury and Economic Secretary to the Treasury Lucy Rigby announced that the government will consult on reforms to payment services and electronic money regulations. The Treasury stated that these changes aim to establish a unified regulatory framework for traditional payments and tokenized payments, including stablecoins and tokenized deposits. It also mentioned plans to advance legislation to reduce the administrative burden on businesses providing stablecoin payment services.