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FCA Opens 2nd Consultation For Crypto Assets And Stablecoins
The FCA in the UK is continuing to engage with industry actors and leaders to come up with a strong domestic framework for digital assets.
Stablecoin issuance is seen as a newly regulated cryptoasset activity by the FCA (Jurica Koletic / Unsplash)
The FCA has opened a new round of consultations.
The FCA (Financial Conduct Authority) in the UK is inviting companies that will seek to operate and use crypto assets and stablecoins to respond to its latest PERG (Perimeter Guidance Manual) considerations. Submissions are set to close early June 2026 and this prepares the regime for authorising selected parties from September.
Issuing qualifying stablecoin in the UK means a person (A), established in the UK, is carrying on or arranging for another to: offer a stablecoin, undertake to redeem a stablecoin and maintain the value of the stablecoin. The activity requires a firm to carry on all limbs of the activity in the UK to be within the perimeter; this includes where the stablecoin has been created by or on behalf of A, or a member of A’s group.
On page 12 of the consultation guidance, the FCA tackles stablecoin issuance and how parties who seek to undertake such an activity can fit the criteria. More broadly, the document sets out questions and clarifications for finalising the definitions, forms and practices of "qualifying" crypto assets and activities.
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