UK to Introduce Regulatory Framework for Legal Tender-Based Stablecoins in Early Next Year

According to CoinDesk, the UK government plans to gradually introduce cryptocurrency regulations. Among these, the regulatory framework for legal tender-based stablecoins is set to be introduced in early next year. Under this regulation, the UK’s Financial Conduct Authority (FCA) will oversee the regulation of legal tender-based stablecoins. Moreover, exchanges will be mandated to establish issuer requirements when listing new assets. Regulations for algorithmic stablecoins and other cryptocurrencies will be introduced progressively. In May, the Bank of England initiated discussions to establish a regulatory framework for stablecoins.