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FCA Gives Update On Stablecoin Sandbox
FCA has provided an important update for firms considering registering as a stablecoin issuer and a relevant entity working with stablecoins.
Signs of progress from the UK as the FCA finalises its Stablecoin Sandbox consultations and picks entities to test out stablecoin issuance (Yen Vu / Unsplash)
The FCA gave a new update on its Stablecoin Sandbox.
The UK regulatory body in charge of financial conduct and the upcoming stablecoin regulations has revealed that 4 stablecoin entities have been selected. These are Monee Financial Technologies, ReStabilise, Revolut and VVTX - with around 20 initial applicants.
Director of payments and digital assets Matthew Long expressed:
'We are supporting UK stablecoin issuers to ensure they can be trusted for payments, settlement and trading. It will benefit consumers and financial transactions and help to deliver the FCA's strategy and the Government's National Payments Vision.’
The purpose of this sandbox phase is to test how stablecoin issuance will be handled in real-time, an indicator for the next round of applications in September and wave of national adoption. Also, the impact of stablecoin settlement and trading between institutions will be considered in parallel.
FCA's roadmap includes continued engagements on the policy and KYC/AML regulatory discussions, as well as the next window to apply under the new regime from September 2026 until February 2027. October 2027 will serve as the official start date.
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