The Economic Secretary to the Treasury, Lucy Rigby, announced that the government will conduct consultations on reforms to payment services and electronic money regulations. They intend to create a unified system for traditional and tokenized payments, including stablecoins and tokenized deposits. Additionally, the Treasury plans to legislatively reduce the administrative burden on companies that offer services using stablecoins. The regulator has also appointed former Financial Conduct Authority staff member Chris Woolard as the digital markets coordinator. This appointment is part of a strategy for the development of wholesale financial markets. Woolard's task is to encourage the adoption of tokenized digital assets. However, against this backdrop, the UK has conducted large-scale raids to combat illegal crypto trading between individuals.