UK Brings Stablecoins and Tokenized Deposits Under Unified Payment Regulatory Framework

Gate News message, April 21 — The UK Treasury announced plans to bring stablecoins and tokenized deposits under a unified regulatory framework alongside traditional payment services. The framework will regulate stablecoins used for payments through a new stablecoin issuance regime and expand the Financial Conduct Authority’s (FCA) oversight of open banking, while exploring regulatory adjustments for AI-agent payment activities.

The Treasury plans to introduce legislation to reduce administrative burden on firms providing stablecoin payment services. The government will also implement regulatory reforms across payment services and e-money regulations, with consultations to follow.

The Treasury appointed Chris Woolard CBE, former FCA interim chief executive and current EY partner, as “wholesale digital markets lead” to drive development of tokenized wholesale financial systems. The government will also allocate approximately 1 million pounds to the Centre for Finance, Innovation and Technology (CFIT) to support industry collaboration.

These measures align with the UK’s ten-year financial services development plan.