United Kingdom of Great Britain and Northern Ireland (the) Stablecoin Regulation
Stage: Proposed
Regulator: Financial Conduct Authority (FCA); Bank of England (BoE)
UK stablecoin regime in implementation via Cryptoasset Regulations 2026 (made Feb 2026, live Oct 2027), defining qualifying stablecoins (QS) backed by fiat/other assets and making issuance a FSMA regulated activity under FCA. FCA supervises non-systemic QS issuance/custody with flexible reserves; BoE proposes strict 40/60 sterling backing for systemic payment systems (post-2026 codes). No live stablecoin issuer regulation today (MLR baseline); yield unspecified. Crypto-backed not banned for QS but precluded for systemic; algorithmic outside QS scope.
Applicable Laws:
- Financial Services and Markets Act 2023 - https://www.legislation.gov.uk/ukpga/2023/29/contents
- BoE Proposed Regime for Sterling-demoninated Systemic Stablecoins (Digital Settlement Assets Payment Systems) - https://www.bankofengland.co.uk/paper/2025/cp/proposed-regulatory-regime-for-sterling-denominated-systemic-stablecoins
- Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 - https://www.legislation.gov.uk/uksi/2026/102/contents/made
