UK Unveils Phased Crypto Regulation to Attract Industry and Oversee Stablecoins
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The UK government published its final rules for regulating crypto assets like stablecoins and intends to bring them under financial regulation.
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The rules aim to make the UK a preferred destination for the crypto industry and will be introduced in phases, with stablecoin regulation starting in early 2023.
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The Financial Conduct Authority (FCA) will oversee relevant crypto activities and consult on an authorization regime for crypto companies.
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The rules will not apply to crypto assets already covered by financial regulation or unique NFTs seen as collectibles.
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Decentralized finance (DeFi) will not be banned initially as it is too early to regulate that area of crypto.