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A New Regime Governing Stablecoins | Insights | Skadden, Arps, Slate, Meagher & Flom LLP

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On 6 November 2023, the Bank of England (the UK’s central bank) issued a discussion paper on the regulation on stablecoins, alongside another paper by the UK Financial Conduct Authority (FCA) (DP23/4) and a “Dear CEO” letter from the UK Prudential Regulation Authority (PRA) addressing the topic of tokenised deposits (together, the Discussion Papers). This series of publications sets out an approach and framework for the regulation of stablecoins in the UK. HM Treasury (HMT) first announced this programme of work (referred to as Phase 1 of the UK’s new cryptocurrency regulatory regime) on 4 April 2022. The Discussion Papers now confirm that: Currently, stablecoins are used primarily to convert fiat currency (e.g., pound sterling or US dollars) into cryptoassets and vice versa (as “off-ramps” and “on-ramps”) and to facilitate transactions between cryptoassets. To date stablecoins have not been widely adopted as a means of payment. The Discussion Papers set out a fulsome framework through

On 6 November 2023, the Bank of England (the UK's central bank) issued a discussion paper on the regulation on stablecoins, alongside another paper by the UK Financial Conduct Authority (FCA) (DP23/4) and a "Dear CEO" letter from the UK Prudential Regulation Authority (PRA) addressing the topic of tokenised deposits (together, the Discussion Papers). This series of publications sets out an approach and framework for the regulation of stablecoins in the UK. HM Treasury (HMT) first announced this programme of work (referred to as Phase 1 of the UK's new cryptocurrency regulatory regime) on 4 Apr

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