FCA Seeks Further Views on Stablecoins and Crypto Custody
The Financial Conduct Authority (FCA) has published proposals for issuing stablecoins, crypto custody and financial resilience of cryptoasset firms, to support a safe, competitive sector.
The latest milestone on the road to crypto regulation, the proposals are the result of extensive engagement through roundtables and feedback on previous discussion papers.
Stablecoins are cryptoassets that aim to maintain a stable value by referencing 1 or more fiat currencies. Stablecoins have the potential to drive efficiency in payments and settlement using blockchain technology, with particular benefits for cross-border transactions. The FCA’s proposed rules aim to ensure regulated stablecoins maintain their value. They also mean that…
