TechFlow news: The UK government has released an update on its regulatory plans for fiat-backed stablecoins.
According to the document, the UK Treasury plans to transfer regulatory oversight of fiat-backed stablecoins to the Financial Conduct Authority (FCA) in 2024.
In addition, the Treasury will authorize local firms to act as "payment orchestrators" to ensure overseas stablecoins comply with domestic standards. The document states that stablecoins not backed by fiat currency will not be permitted to enter regulated payment chains, and issuers of standard stablecoins will be required to place all reserve funds into a statutory trust.
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