The United Kingdom government has published an update to its plans to regulate fiat-backed stablecoins. The document, published on Oct. 30, aims to facilitate and regulate the use of fiat-backed stablecoins in U.K. payment chains.
According to the document, His Majesty’s Treasury intends to introduce specific legislation to parliament in 2024, bringing the regulation of fiat-backed stablecoins under the Financial Conduct Authority’s (FCA) mandate.
Notably, the Treasury is looking into making the local companies, “arrangers of payment,” authorized by the FCA, responsible for ensuring the overseas stablecoin meets the local standards.
Non-fiat-backed types of stablecoins — a…
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