UK plans rules for some cryptocurrencies amid global effort

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Britain has unveiled plans to regulate some cryptocurrencies as part of a broader plan to become a global hub for digital payments. It comes as authorities in the U.S. and Europe race to draw up rules for crypto. The British Treasury said Monday that it also would work with the Royal Mint to create a digital collectible known as an NFT. Cryptocurrencies have exploded in popularity, leaving officials worldwide scrambling to figure out how to regulate them amid fears that they could threaten financial stability and hurt consumers. The government plans to update laws to include a type of cryptocurrency called stablecoins to encourage issuers and service providers to operate and grow in the U.K.