HMT publishes consultation outcomes on cryptoassets and an update on the regulation of fiat-backed stablecoins

Published on: 31 October 2023

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Specialist Tax Regulatory Materials

Article summary

HM Treasury (HMT) has published the government’s response to its February 2023 consultation on a future financial services regulatory regime for cryptoassets. The government has confirmed its final proposals for cryptoasset regulation in the UK, including its intention to bring a number of cryptoasset activities into the regulatory perimeter for financial services for the first time. HMT has also published the government’s response to its consultation on managing the failure of systemic digital settlement asset (including stablecoin) firms by applying a modified Financial Market Infrastructure Special Administration Regime (FMI SAR) to such firms, and an update on the government’s policy concerning the regulation of fiat-backed stablecoins.

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

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