New regulatory powers Digital settlement assets
As noted in the policy background to these Notes, the current legislation applicable to the UK payments regime is contained in various pieces of existing legislation.
	A new category of "digital settlement asset", which includes stablecoins and other cryptoassets which meet the definition, will be created to bring all such instruments within the regulatory reach of the existing payment and electronic money landscape. Initially, digital settlement assets will be defined (in section 23(2) of this Act and new section 182(4A) of the Banking Act 2009, which will be inserted by Schedule 6 to this Act) as a digital representation of value or rights, whether or not cryptographically secured, that-
Can be used for the settlement of payment obligations,
Can be transferred, stored or traded electronically, and
Uses technology supporting the recording or storage of data (which may include distributed ledger technology).