The UK’s Ministry of Digital Technologies, Culture, Media and Sport plans to turn the country and its capital, London, into a “crypto centre”. This was stated by department head Chris Philp, writes Bloomberg.

At the same time, he stressed that the authorities will carefully examine possible money laundering or circumvention of sanctions using cryptocurrencies.

Philp added that the Treasury, the Bank of England and the Office of Prudential Regulation and the Financial Conduct Authority are working closely together to “get the balance right” on regulation.

Recall that in March, the Bank of Great Britain published its framework guidelines for establishing a regulatory framework for cryptocurrencies with an emphasis on future risks to financial stability.

In April, the Office of Prudential Regulation increased the budget for the upcoming fiscal year to combat the risks associated with digital assets.

The Treasury has announced its intention to include the regulation of stablecoins, excluding algorithmic ones, as a payment mechanism in the Financial Services and Markets Act.

Later, the department presented a document for public discussion that introduced additional measures to guard against the collapse of stablecoins.