The Financial Conduct Authority (FCA) of the United Kingdom has requested public feedback on the regulations offered for stablescoins and the custody of cryptocurrencies.
In a request for comments of May 28, the United Kingdom’s financial regulator announced that its regulatory proposals were “the last important step on the cryptography regulation”. The rules of rules are based on previous round tables and comments from the industry. David Geale, Executive Director of Digital Payments and Finance at the FCA, said the agency aims to support innovation while guaranteeing market confidence:
“At the FCA, we have long supported innovation that benefits consumers and markets. Currently, crypto is largely unregulated in the United Kingdom. We want to find a balance to support a sector that allows innovation and is underpinned by integrity and market confidence. ”
The FCA has also noted that it will work with the Central Bank of the United Kingdom to regulate stablecoins. The sub-government of the Bank of England, Sarah Breeden, said: “For the Stablecoins who expect to operate on a systemic scale, the Bank of England will publish an additional consultation document later this year.”
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Make sure stablecoins remain stable
The FCA said that its rules “aim to ensure that regulated stablecoins maintain their value”. The regulator said that customers should be clearly informed of supporting support assets. He also recommended stable issuers to appoint independent third -party guards to have reserve assets:
“We propose to require that the issuers provide the holders with the right to pass the stages eligible for the nominal value with the reference currency, regardless of the value of the support portfolio of support, with a payment order passed to an account in the name of the holder at the latest at the end of the working day following the reception of a valid request.”
Breeden added that the FCA proposals are part of a wider effort to build the stablecoin regime of the United Kingdom.
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Inbound cryptography rules
The FCA proposals also introduce new requirements for companies providing Crypto child care, as indicated in a separate discussion document. The rules are designed to ensure that user assets are secure and are accessible at any time:
“FCA proposals would require companies to provide cryptography childcare services, which are responsible for protecting consumers crypto, in order to ensure that they are effectively guaranteed and can be easily accessible at any time.”
The proposed measures also aim to reduce both the probability and the impact of the failure of cryptographic companies, both in the sectors of the Cryptography and Stablecoin Guard. The current efforts also follow the recent revelation of the British chancellor of the chessboard Rachel Reeves of plans for a “full regulatory regime” aimed at making the country a chief of cryptography.
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