Policy paper

Update on plans for the regulation of fiat-backed stablecoins

This document provides an update on the government’s policy concerning the regulation of fiat-backed stablecoins.

• From: HM Treasury
• Published: 30 October 2023

This was published under the 2022 to 2024 Sunak Conservative government

Documents

Update on plans for the regulation of fiat-backed stablecoins

PDF, 142 KB, 21 pages

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Details

The government has provided an update on its legislative approach for bringing fiat-backed stablecoins into the UK’s regulatory perimeter for financial services. This document provides additional detail following the UK regulatory approach to cryptoassets, stablecoins, and distributed ledger technology in financial markets consultation response published in April 2022. This update will inform development of the Financial Conduct Authority and Bank of England’s approaches for regulating stablecoin issuers and custodians, and systemic digital settlement asset payments systems and service providers respectively.

Published 30 October 2023