Call for evidence outcome

UK regulatory approach to cryptoassets and stablecoins: consultation and call for evidence

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Download the full outcome

UK regulatory approach to cryptoassets, stablecoins, and distributed ledger technology in financial markets: Response to the consultation and call for evidence

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Detail of outcome

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.


Original call for evidence

Summary

A consultation on the government’s approach to cryptoasset regulation, with a focus on stablecoins; and call for evidence on investment and wholesale uses.

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Call for evidence description

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 cryptoasset.consultation@hmtreasury.gov.uk

Documents

HM Treasury Cryptoasset and Stablecoin consultation

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If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.
Published 7 January 2021
Last updated 5 July 2022 + show all updates
  1. typo in para 2.25 (on page 12) - FIXED

  2. Updated with response to consultation.

  3. First published.