United Kingdom
Legislation
Financial Services and Markets Act 2023 (stablecoin provisions)
Authority
FCA
Overview
Post-Brexit crypto framework taking shape
The big picture: The UK is building a bespoke stablecoin regime under the Financial Services and Markets Act 2023, with the FCA rolling out rules in phases.
- Phase 1 covers fiat-backed stablecoins used for payments; subsequent phases address broader crypto-asset activities
- Consultation topics include authorization requirements, backing asset rules, consumer redemption rights, and operational resilience standards
- The UK treats stablecoins as a payment instrument rather than e-money — diverging from MiCA
- A more flexible reserve asset framework is proposed compared to the EU approach
Why it matters: The FCA's Travel Rule implementation (effective September 2023) already applies to UK-based crypto-asset businesses, including stablecoin transactions.
What's next: Full issuance rules are expected to be finalized in 2026.
Coming Soon
Detailed regulatory analysis
In-depth coverage of this jurisdiction's stablecoin framework is being developed for a dedicated satellite site in the Atlas network.
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