UK’s FCA, BOE Publish Plans to Regulate Stablecoins

While the EU’s regime under its Markets in Crypto Assets (MiCA) regulation seeks to limit potentially wide-use stablecoins proposed by the likes of Meta, a person familiar with the matter said these companies can issue payments-focused and fiat-backed stablecoins in the U.K. under the proposed plans if approved to do so. However, no existing stablecoin qualifies as “systemic” under the BOE’s proposals.