UK’s FCA to authorize overseas stablecoin providers
The UK government has rolled out proposals on how to regulate fiat-backed stablecoins. Crypto companies that want to offer services with overseas stablecoins like Tether (USDT) in the UK must get permission from the Financial Conduct Authority (FCA). According to the update on plans for regulating fiat-backed stablecoins, fiat-backed stablecoins issued in or from the UK by authorized persons will be permitted for use in the country. The government also said it “wishes to accommodate” overseas fiat-backed stablecoins for goods and services but insisted that brokers or payment providers willing to work with these stablecoins will still have to be authorized by the FCA. You might also like: UK politician calls on FCA to be less aggressive on crypto ads Under the proposed update on the legislation, the FCA will also be able to rule the issuance and custody of fiat-backed stablecoins issued in or from the UK. Those stablecoins not backed by fiat “will still...