Call for evidence outcome

UK regulatory approach to cryptoassets and stablecoins: consultation and call for evidence

• From: HM Treasury
• Published: 7 January 2021
• Last updated: 5 July 2022 — See all updates

This was published under the 2019 to 2022 Johnson Conservative government

This call for evidence has closed

Read the full outcome

UK regulatory approach to cryptoassets, stablecoins, and distributed ledger technology in financial markets: Response to the consultation and call for evidence

PDF, 342 KB, 40 pages

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Detail of outcome

Stablecoins are a form of cryptoasset which aim to maintain a stable value relative to other assets. The government has confirmed its intention to legislate to bring certain stablecoins, where used as a means of payment, into the regulatory perimeter. This document summarises feedback to the consultation, and outlines further detail regarding how the government intends to regulate certain stablecoins. The document also outlines the feedback received to the call for evidence on the investment and wholesale uses of distributed ledger technology, and sets out the government response, including further thinking on the development of the Financial Market Infrastructure Sandbox.

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Original call for evidence

Summary

A consultation on the government’s approach to cryptoasset regulation, with a focus on stablecoins; and call for evidence on investment and wholesale uses.

This call for evidence ran from
3:30pm on 7 January 2021 to 11:59pm on 21 March 2021

Call for evidence description

This document represents the first stage in the government’s consultative process with industry and stakeholders on the broader regulatory approach to cryptoassets and stablecoins. It seeks views on how the UK can ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability. Additionally, this document includes a call for evidence on investment and wholesale uses of cryptoassets, and the broader use of DLT in financial markets. The government invites views from a wide range of stakeholders, and particularly firms engaged in cryptoasset or DLT activities. Please submit your responses to cryptoasset.consultation@hmtreasury.gov.uk

Documents

HM Treasury Cryptoasset and Stablecoin consultation

PDF, 444 KB, 46 pages

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Published 7 January 2021
Last updated 5 July 2022 + show all updates

1. 5 July 2022

   typo in para 2.25 (on page 12) - FIXED

2. 4 April 2022

   Updated with response to consultation.

3. 7 January 2021

   First published.