Ethereum News Daily TheBitTimes.com

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...

From Sep. 1, 2023, crypto businesses in the UK will be legally required to collect, verify, and share transfer information, under the so-called “Travel Rule.” This directive, endorsed by the Financial Action Task Force (FATF), seeks to standardize procedures across crypto entities involved in sending and receiving transactions. Under FAFT guidelines, crypto operators must identify the senders and recipients involved in funds transfers. While these more stringent anti-money laundering measures are at various stages of implementation globally, the UK is set to introduce even more rigorous regulations, including restrictions on advertising. Companies like PayPal have already ceased their crypto operations due to these impending rules. You might also like: UK FCA to introduce permanent digital sandbox for technology startups In the context of this announcement, companies have to take all reasonable actions and demonstrate their commitment to ensuring full compliance ...