News - How stablecoins are regulated in the United Kingdom

By Mike Hesp

How stablecoins are regulated in the United Kingdom

The United Kingdom is taking another step toward stablecoin regulation. Both the FCA and the Bank of England have now presented their own drafts.

Last night, the Bank of England and the FCA each have their own roadmaps For regulation of stablecoins.

Authorities want to establish binding rules for stablecoin providers by 2025 at the latest.

The monetary watchdog wants to focus initially on stablecoins backed by sterling. The Bank of England has identified these as "systemically important." The impact on the British financial system of coins backed by U.S. dollars such as USDT or USDC is "limited."

The FCA, on the other hand, must take over oversight of the remaining cryptos and issue licenses to providers.

The plans are currently still in the consultation phase. The authorities are in direct dialogue with industry experts and companies.

The authorities' initiative comes from the UK Treasury, which last week finalized the legislation for cryptos and stablecoins. In doing so, the UK aims to create a counterpart to the EU's MiCA regulation.

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