The Financial Conduct Authority has published plans for issuing stablecoins, crypto currency and the financial resilience of cryptoasset firms to maintain a safe and competitive sector.
Following a number of roundtables and extensive feedback on previous discussion papers, the proposals mark the next step on the road to fully regulate crypto in the UK. The rules put forward aim to ensure regulated stablecoins maintain their value and give customers clear information on how the backing assets are being managed. David Geale, executive director for payments and digital finance at the FCA, said: "At present, crypto is largely unregulated in the UK. We want to strike a balance in support of a sector that enables innovation and is underpinned by market integrity and trust....
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