HM Treasury has published the final draft of cryptoasset regulations that would narrow the UK’s forthcoming crypto regulatory perimeter for UK qualifying stablecoin payments. Qualifying stablecoin transfers and cash exchanges could avoid dealer permissions under the draft. Return-right lending and swaps into other cryptoassets would remain potentially regulated. A new safeguarding provision would exclude temporary holding of a UK qualifying stablecoin when connected with executing a payment, but longer-term wallet custody would not receive the same exception. The dealing, arranging and financial-promotion amendments are drafted to begin on Oct. 25, 2027, when the FCA says the new regime for crypto firms starts.
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