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Stablecoins are a form of cryptoasset which aim to maintain a stable value relative to other assets. The government has confirmed its intention to legislate to bring certain stablecoins, where used as a means of payment, into the regulatory perimeter. This document summarises feedback to the consultation, and outlines further detail regarding how the government intends to regulate certain stablecoins. The document also outlines the feedback received to the call for evidence on the investment and wholesale uses of distributed ledger technology, and sets out the government response, including further thinking on the development of the Financial Market Infrastructure Sandbox.
This document represents the first stage in the government’s consultative process with industry and stakeholders on the broader regulatory approach to cryptoassets and stablecoins. It seeks views on how the UK can ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability. Additionally, this document includes a call for evidence on investment and wholesale uses of cryptoassets, and the broader use of DLT in financial markets. The government invites views from a wide range of stakeholders, and particularly firms engaged in cryptoasset or DLT activities. Please submit your responses to firstname.lastname@example.org