Bitcoin Tops $100,000 for the First Time Since February

"Now that the United States appears more reasonable and concludes agreements with other countries, cryptocurrencies are on the rise again"

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British lawmakers on Thursday set out proposals to regulate cryptocurrencies in a bid to boost the use of digital coins while safeguarding consumers.

The government is planning to introduce a new legal framework for cryptocurrencies in the upcoming Financial Services and Markets Bill, which will also streamline EU financial services rules.

"We want to see the British Isles become a global hub for Web3 and cryptocurrency, and we're setting out how we'll create the clearest and fairest regulatory regime," said Economic Secretary to the Treasury Andrew Griffith.

"This government is open to innovation but we're fundamentally focused on protecting consumers and ensuring that we can hit the ground running at the start of the year."

The proposals come after the EU introduced its own framework for regulating cryptocurrencies.

"We're going to create a regime that is both broad enough to cover new technologies and deep enough to provide certainty and trust in our financial services markets," said Griffith.

"The government will propose a new legal framework for cryptocurrencies, building on the existing regulatory and supervisory structures to provide a clear and single source of legal certainty for cryptocurrencies and related technologies, such as DeFi and Web3."

The government also plans to introduce a new regulatory regime for stablecoins, which are digital currencies designed to maintain a stable value.

"This will ensure that stablecoins are used in a safe and compliant manner in the UK, and that they can contribute to the growth of the digital economy," said Griffith.

The government is planning to introduce the Financial Services and Markets Bill in the autumn.

The proposals are still subject to consultation and may change before the Bill is introduced in Parliament.