FCA stablecoin discussion paper regulation
Overview
DP23/4, "Regulating cryptoassets Phase 1: Stablecoins," is a discussion paper published by the UK Financial Conduct Authority on 6 November 2023. It set out the FCA's proposed approach to regulating fiat-backed stablecoins, covering issuance and custody under the Financial Services and Markets Act 2000 and the use of such stablecoins as a means of payment under the Payment Services Regulations. It was published alongside a Bank of England discussion paper on systemic payment systems using stablecoins and a Prudential Regulation Authority "Dear CEO" letter, forming a coordinated UK package. The consultation period closed on 6 February 2024.
Within the DeFi Intel graph, FCA stablecoin discussion paper connects to 2 tracked entities, most strongly to FCA, United Kingdom.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
proposed_by | FCA | 95% |
governs | United Kingdom | 92% |
Frequently asked questions
What is FCA DP23/4?
A discussion paper titled "Regulating cryptoassets Phase 1: Stablecoins," published by the FCA on 6 November 2023.
Which legal regimes did the FCA propose to use?
The Financial Services and Markets Act 2000 for issuance and custody of fiat-backed stablecoins, and the Payment Services Regulations for their use as a means of payment.
When did the consultation close?
Comments were requested by 6 February 2024.
Sources
Facts on this page were verified against the following sources.