PANews reported on November 22 that according to Bloomberg, a senior British minister said that the British government will draft a regulatory framework to oversee the cryptocurrency industry early next year to keep up with the development of the industry in the United States and Europe. Tulip Siddiq, the economic secretary of the British Treasury, said at a conference in London on Thursday that stablecoins and pledge service rules will become part of a single overall system for crypto assets. It was previously expected that legislation in these two areas would be passed by the previous Conservative government this summer, but the general election interfered with the legislative process.

“It’s simpler and makes more sense to bring all the work together into one stage,” said Siddiq, whose Labour Party won a landslide victory in July’s election. Under the new government’s plans, stablecoins will no longer be subject to the UK’s existing payment services regulation because it is not appropriate based on their “current usage,” Siddiq said.