UK To Introduce Crypto Bill on Monday—Implications for Exchanges and Stablecoin Issuers

The UK government is set to introduce new crypto legislation on Monday, December 15th, aiming for full implementation by October 2027. This bill, an amendment to the 2000 Financial Services and Markets Act (FSMA), formally brings crypto activities under British financial regulation. Chancellor Rachel Reeves stated the legislation provides clear rules to encourage investment and innovation while ensuring strong consumer protections. Under the new regime, both crypto exchange operators and stablecoin issuers will be required to register with the Financial Conduct Authority (FCA). This complements the Bank of England's framework for stablecoins. The amendment establishes "safeguarding and administering crypto assets" as a regulated activity, meaning only FCA-registered entities can issue and redeem stablecoins. The Bank of England's rules will specifically address custody and reserve assets for large, GBP-denominated coins deemed systemically important.

(Source：CCN)