The UK has a new name for stablecoins and a new bill to regulate crypto

The proposal is another wave of recognition for the UK Bitcoin, crypto and digital asset industries.

The UK moved forward on the Financial Services and Markets Bill on October 25, reinforcing its vision for Bitcoin (BTC) cryptocurrency and “digital settlement assets” in the country.< /p>

The proposed bill proposes "a series of measures designed to maintain and strengthen the UK's position as a global leader in financial services, ensuring that the sector continues to meet the needs of individuals and businesses across the country."

The bill reaffirms the UK's intention to become a global cryptocurrency hub, comments echoed by Lisa Cameron, MP and Chair of the All-Party Parliamentary Group on Crypto and Digital Assets. In an exclusive interview with Cointelegraph over the weekend, she explained that crypto is on lawmakers' radar, although there is a lot of education to be done.

The bill builds on existing measures to expand stablecoin regulation and mentions “digital settlement assets” (DSA) as a new term, moving away from the use of “crypto assets” . According to the UK government, "crypto-assets use some form of distributed ledger technology (DLT)", while DSAs include stablecoins, "given their potential to become a popular means of payment".

The UK government previously said there would be a 'package of measures'