UK plans payments rule changes for stablecoins, tokenized deposits

The UK government plans a stablecoin and tokenization rules overhaul, appointing former FCA official Chris Woolard to support work on its digital markets strategy.

The United Kingdom is revisiting its payments rulebook to support the adoption of new fintech and payment technologies such as stablecoins and tokenization.

In a Tuesday announcement, HM Treasury and Economic Secretary to the Treasury Lucy Rigby said the government will consult on reforms for payment services and electronic money rules.

The Treasury said the changes are meant to create a single framework for traditional and tokenized payments, including stablecoins and tokenized deposits. It also said it plans to bring forward legislation to reduce administrative burdens for companies seeking to offer stablecoin payment services.

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