{"id":183746,"date":"2023-10-30T19:33:10","date_gmt":"2023-10-30T14:03:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=183746"},"modified":"2023-10-30T19:33:10","modified_gmt":"2023-10-30T14:03:10","slug":"uk-plans-to-introduce-fiat-backed-stablecoin-rules-in-early-2024-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/uk-plans-to-introduce-fiat-backed-stablecoin-rules-in-early-2024-crypto-news\/","title":{"rendered":"UK plans to introduce fiat-backed stablecoin rules in early 2024 &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The U.K. intends to introduce rules on fiat-backed stablecoins in early 2024, according to the government\u2019s latest cryptocurrency policy update published on Monday.\u00a0<\/p>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/video-audio\/singapore-thailand-crypto-nft-cultural\/\">Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier<\/a><\/p>\n<h3 class=\"wp-block-heading\">Fast Facts<\/h3>\n<ul>\n<li>HM Treasury, or the finance ministry, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/assets.publishing.service.gov.uk\/media\/653a82b7e6c968000daa9bdd\/Update_on_Plans_for_Regulation_of_Fiat-backed_Stablecoins_13.10.23_FINAL.pdf\">said<\/a> it plans a phased introduction of crypto regulation, starting with fiat-backed stablecoin rules in phase one. The second phase will include regulations on other crypto assets such as algorithmic stablecoins.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>The new rules will place fiat-backed stablecoins under the purview of the Financial Conduct Authority (FCA).<\/li>\n<\/ul>\n<ul>\n<li>The FCA will also be tasked with creating rules on custody of fiat-backed stablecoins, based on the existing custody framework.<\/li>\n<\/ul>\n<ul>\n<li>The finance ministry said it plans to ensure the FCA can mandate that assets backing fiat-backed stablecoins are held in a statutory trust.<\/li>\n<\/ul>\n<ul>\n<li>The Treasury\u2019s latest policy update follows a public consultation period that ended in April. The ministry published a consultation <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/1133404\/TR_Privacy_edits_Future_financial_services_regulatory_regime_for_cryptoassets_vP.pdf\">paper<\/a> in February.<\/li>\n<\/ul>\n<ul>\n<li>The U.K. is the world\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/uk-emerges-worlds-third-largest-economy-crypto-transaction-volume-chainalysis\/\">third-largest economy<\/a> in terms of crypto transaction volume, according to on-chain intelligence firm Chainalysis.<\/li>\n<\/ul>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/blockchain-thailand-gets-boost-new-leader\/\">Blockchain tech in Thailand gets boost from new pro-crypto lead<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.K. intends to introduce rules on fiat-backed stablecoins in early 2024, according to the government\u2019s latest cryptocurrency policy update published on Monday.\u00a0 See related article: Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier Fast Facts HM Treasury, or the finance ministry, said it plans a phased introduction of crypto regulation, starting with [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":21805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-183746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=183746"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183746\/revisions"}],"predecessor-version":[{"id":183747,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183746\/revisions\/183747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/21805"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=183746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=183746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=183746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}