The UK announces regulatory integration plan for stablecoins and tokenized deposits payments

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Odaily Planet Daily News: The UK Treasury announced a regulatory plan during London Fintech Week, aiming to incorporate stablecoins and tokenized deposits into a unified regulatory framework alongside traditional payment services.

The plan intends to regulate stablecoins used for payments under the upcoming issuance regime, expand the Financial Conduct Authority’s (FCA) oversight of open banking, and explore regulatory adjustments for payment activities executed by AI agents. It also proposes reducing administrative requirements for businesses providing stablecoin payment services through new legislation.

The UK Treasury also announced the appointment of EY partner and former interim FCA CEO Chris Woolard CBE as a wholesale digital markets advocate, responsible for promoting the development of a tokenized wholesale financial system, and pledged to provide £1 million (approximately $1.35 million) in funding to the Financial Innovation and Technology Centre starting from April.

City Minister Lucy Rigby stated that the plan aims to build a secure, competitive payment ecosystem capable of seizing technological transformation opportunities. The UK government expressed recognition of the transformative potential of digital assets and blockchain technology, believing they can reshape how consumers and businesses interact with financial services.

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