UK Announces Plan to Regulate Stablecoins Starting in 2024
-
The Bank of England and Financial Conduct Authority released a plan to regulate stablecoins in the UK.
-
Regulations for fiat-backed stablecoins will begin in early 2024.
-
The Bank of England will oversee systemic stablecoins, the FCA will regulate the broader crypto market.
-
Stablecoin issuers will need permission before circulating coins in the UK.
-
The UK joins other countries like the EU and Japan in publishing crypto/stablecoin regulations.