The UK's Financial Conduct Authority (FCA) has requested public feedback on proposed regulations for stablecoins and cryptocurrency custody.
In a request for comments on May 28, the UK financial regulator announced that its regulatory proposals are "the latest milestone on the road to cryptocurrency regulation." These draft rules are based on previous roundtable discussions and industry feedback. FCA's Director of Payments and Digital Finance, David Geale, stated that the agency aims to support innovation while ensuring market trust:
“At the FCA, we have long supported innovation that benefits consumers and the market. Currently, cryptocurrencies are largely unregulated in the UK. We want to find a balance that ensures market integrity and trust as a foundation while supporting an industry that fosters innovation.”
The FCA also noted that it will work with the Bank of England to regulate stablecoins. Sarah Breeden, Deputy Governor of the Bank of England, stated: “For those stablecoins expected to operate at a systemic scale, the Bank of England will publish a supplementary consultation document later this year.”
The FCA stated that its rules "aim to ensure that regulated stablecoins maintain their value." This also means that clear information should be provided to customers on how to manage the supporting assets. The regulator indicated that customers must be clearly informed about how the supporting assets are managed. It also suggested that stablecoin issuers appoint independent third-party custodians to hold reserve assets:
“We propose to require issuers to provide holders with the right to redeem qualifying stablecoins at par value in reference currency, regardless of the value of the supporting asset portfolio, and to send payment instructions to the holder's account by the end of the next working day after receiving a valid request.”
Breeden added that the FCA's proposal is part of a broader effort to build a stablecoin framework in the UK.
The FCA's proposal also introduces new requirements for companies providing cryptocurrency custody services, which are outlined in a separate discussion paper. These rules are designed to ensure user assets are secure and accessible at all times:
“The FCA's proposal will require companies providing cryptocurrency custody services (responsible for safeguarding consumer crypto assets) to ensure these assets are effectively protected and easily accessible at all times.”
The proposed measures also aim to reduce the likelihood and impact of failures among crypto companies in the cryptocurrency custody and stablecoin sectors. These ongoing efforts follow UK Chancellor Rachel Reeves' recent disclosure of plans for a "comprehensive regulatory framework" to make the country a leader in cryptocurrency.
Related: Gemini Report: UK Cryptocurrency Holdings Growth Outpaces Global by 2025
Original: “UK's FCA Requests Commentary on Stablecoin Regulation and Crypto Custody”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
