Stablecoins – how do you regulate an emerging ecosystem?
WEBDec 12, 2023 · As we explore below, in practice, some stablecoin firms may be dual regulated by both the FCA and BoE. The Payment Systems Regulator (PSR) may also oversee designated payment systems from a competition perspective.
Next steps for UK stablecoin regulation - KPMG
WEBFSMA 2023 also gave the Bank of England (BoE) and Payment Systems Regulator (PSR) powers over systemic digital settlement asset (DSA) payment systems and service providers (including those using stablecoins issued in UK or overseas) — subject to HMT recognition and designation respectively.
Cross-authority roadmap on innovation in payments - Bank of …
WEBSep 6, 2024 · An FCA discussion paper on the proposed regime for stablecoin issuers, custodians and the use of stablecoins as means of payment. A PRA letter to UK bank Chief Executive Officers on banks’ innovative uses of deposits, e-money and stablecoins.
Making law a reality – the Financial Services and Markets Act 2023 - PSR
WEBAug 29, 2023 · The FCA will also have a role in the regulation of stablecoin – with today’s roles of the PSR and FCA being broadly replicated in the new framework. More broadly, the Act will enable us and the other regulators to simplify our regulatory remit, by repealing retained EU law and incorporating important aspects of it into our existing domestic ...
A New Regime Governing Stablecoins | Insights | Skadden, Arps, …
WEBNov 16, 2023 · Stablecoins that become widely used for payments will be designated by HMT as “systemic payment systems using stablecoins” and will become subject to FCA, Bank of England and Payment Systems Regulator (PSR) supervision.
Regulatory regime for systemic payment systems using …
WEBNov 6, 2023 · This discussion paper sets out our proposed regulatory framework for systemic payment systems using stablecoins and related service providers. It focuses on sterling-denominated stablecoins because it considers these are the most likely digital settlement assets to be used widely for payments.
UK Government policy updates: Regulation of fiat-back …
WEBNov 1, 2023 · On 30 October 2023, the UK government published an update on its legislative approach for regulating fiat-backed stablecoins, following on from its consultation on the UK regulatory approach to cryptoassets and stablecoins in January 2021, and the response to that consultation in April 2022.
Crypto business in (and “to”) the UK: Further light on the new ...
WEBNov 9, 2023 · The Stablecoins Update also addresses the role of the BoE and Payment Systems Regulator (PSR), which will set requirements for operators of and service providers to systemic digital settlement asset (DSA) payment systems and …
WEBstablecoin-based payment systems are subject to appropriate competition regulation by the Payment Systems Regulator (PSR). Taken together, these changes will create the conditions for issuers...
WEBThe government wishes to accommodate fiat-backed stablecoins not issued in or from the UK (“overseas” stablecoins) for use in UK payments for goods and services in the real economy. The...
Skip to content