The U.K. Treasury has finalized its regulatory approach to the crypto industry, which will be enacted in multiple phases, with the first phase bringing fiat-backed stablecoins under the supervision of financial watchdogs.
In a policy update released on Oct. 30, the Treasury outlined its strategy to regulate stablecoins, with an initial focus on fiat-backed stablecoins in the first phase. The second phase will tackle the overall crypto industry and the various service providers in the sector.
The phased regulatory introduction will kick off in early 2024, with legislation for fiat-backed stablecoins.
The regulatory process will involve close coordination among key regulators, including the Bank of England, the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR).
The collaboration is aimed at minimizing potential risks and overlaps in the regulatory framework. Regulatory powers will extend to systemic and recognized digital settlement asset (DSA) payment systems an
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