UK stablecoin regulation begins to take shape in multiple FCA, BOE documents

The Financial Conduct Authority (FCA) released a discussion paper, as did the Bank of England (BOE). The FCA paper checked out the exact same ground in much higher detail.Stablecoin policy is the first step to wider crypto possession policy, the FCA said. There are existing operational resilience and monetary criminal offense structures, as well as many others.The UK FCA is proposing that stablecoin holders have the right of direct redemption.

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The FCA paper explored the exact same ground in much higher detail.Stablecoin guideline is the first action to broader crypto possession policy, the FCA stated. There are existing operational durability and monetary crime frameworks, as well as various others.The UK FCA is proposing that stablecoin holders have the right of direct redemption. The FCA is considering adjusting existing prudential requirements for controlled stablecoin companies and custodians from the existing routine and making them suitable to other crypto possessions eventually. It thought about transfer function and requirements for wallet companies and other services, and it partly overlapped with the FCAs discussion of stablecoin providers and deposit security.

The FCA is considering adapting existing prudential requirements for controlled stablecoin providers and custodians from the existing regime and making them applicable to other crypto properties ultimately. The BOE paper looked at the use of sterling-based retail-focused stablecoin in systemic payment systems. It considered transfer function and requirements for wallet service providers and other services, and it partly overlapped with the FCAs conversation of stablecoin companies and deposit security.