© Reuters.

LONDON (Reuters) – Britain will initially focus on regulating stablecoins rather than the broader cryptocurrency market given the risk of too little competition, UK financial services minister John Glen said on Tuesday.

“We need to manage risks to competition,” Glen told a City & Financial conference.

“For instance, there is the potential for some firms to swiftly achieve dominance and crowd out other players, due to their ability to scale and plug into existing online services,” Glen said.

“We believe the case for intervention in the wider cryptocurrency markets is less immediately pressing.”

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