UK to Debate Proposed Bill Covering Regulation of Stablecoin Payments in Parliament in September

A proposed bill in the U.K. could give U.K. regulators new powers over payments-focused crypto assets such as stablecoins, but details on how the financial watchdog will interpret the rules have yet to be determined, CoinDesk reported. Debate in Parliament for the first time. The bill wants to expand existing financial regulations to cover payments-focused cryptocurrencies such as stablecoins, which are broadly defined as "digital settlement assets" or DSAs, and the bill also puts the HM Treasury in charge of defining DSAs What it is, and gives the Bank of England (BoE), the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) various powers to enforce the rules. Foresight News previously reported that the UK Treasury announced proposed digital asset legislation, and the Banking and Payment Systems Act would extend to cryptocurrencies.