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UK Intends to Bring Stablecoins Under Regulation

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Today’s Cryptocurrency Headline

A proposed bill could give U.K. regulators new powers over payments-focused crypto assets like stablecoins in September. The bill looks to expand existing financial regulations to cover payments-centric cryptocurrencies such as stablecoins, which are broadly defined as “digital settlement assets” (DSAs), and the bill also puts the UK Treasury in charge of defining what DSA are and gives the Bank of England (BoE), the Financial Conduct Authority (FCA) and the Payments Systems Regulator (PSR) corresponding powers to enforce the rules.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, Digital asset investment products saw minor outflows last week totalling US$9m last week with volumes at US$1bn, 55% off the year average and the 2nd lowest this year. Bitcoin price is almost flat over the past 24 hours. The relative strength index (RSI) is near the oversold zone, indicating that the bears have a significant advantage. For now, the bulls need to push the Bitcoin price above the 50-day simple moving average (SMA) ($22,382) to avoid further decline.

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