The FCA is inviting feedback on its published discussion paper on developing the regime for fiat-backed stablecoins including when used as a means of payment.
The discussion paper provides information on:
- The new UK stablecoin regime;
- Requirements for issuers: backing assets and redemption;
- Regulated stablecoin issuers: other key expectations;
- Custody requirements;
- Organisational requirements;
- Conduct of business and consumer redress;
- Prudential requirements;
- Managing regulated stablecoin issuers and custodian firm failures;
- Regulating payments using stablecoins; and
- Overseas stablecoins used for payments in the UK.
Firms are invited to provide their feedback to the FCA consultation by 6 February 2024.