The UK announces a regulatory integration plan for stablecoins and tokenized deposit payments
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The UK Treasury announced a regulatory scheme during London Fintech Week, planning to incorporate stablecoins and tokenized deposits into a unified regulatory framework with traditional payment services.
The scheme aims to regulate stablecoins used for payments under the upcoming issuance regime, while expanding the Financial Conduct Authority's (FCA) regulatory scope over open banking, and exploring regulatory adjustments for payment activities executed by AI agents. The proposal also suggests reducing administrative requirements for businesses providing stablecoin payment services through new legislation.
The UK Treasury also announced the appointment of EY partner and former interim CEO of the FCA, Chris Woolard CBE, as the wholesale digital market champion, responsible for advancing the development of a tokenized wholesale financial system, and committed to providing £1 million (approximately $1.35 million) in funding support to the Centre for Financial Innovation and Technology starting in April. Minister for Cities Lucy Rigby stated that the scheme aims to build a secure, competitive payment ecosystem that can seize opportunities from technological changes. The UK government recognizes the transformative potential of digital assets and blockchain technology, believing they can reshape the way consumers and businesses interact with financial services.
-- Price
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