The Block reported that the UK Treasury is pushing for the introduction of a single regulatory framework encompassing traditional payment services, stablecoins, and deposit tokens. This measure aims to respond to digital financial changes, including payment system innovation, blockchain-based payments, and tokenization. The regulatory framework also includes provisions related to the issuance of stablecoins for payments and the expansion of the Financial Conduct Authority (FCA)'s open banking oversight. Legislation to simplify administrative procedures to lower entry barriers for stablecoin payment service companies is also expected to be pursued.
