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Mind the gap: UK stablecoin rules create uncertainty
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The UK government’s recent decision not to proceed at this time with extending the payment services regulatory framework to fiat-referencing stablecoins marks a significant policy reversal. The previous government’s phased approach offered time and flexibility to address difficult boundary questions and ensure coherent treatment aligned with economic function. By collapsing regulation of cryptoassets into a single legislative phase for both fiat-referencing stablecoins and other cryptoassets, the current Draft Order risks a lack of functional differentiation between payment instruments and investment assets, as well as territorial ambiguity. This article explores the UK’s shift in approach, highlighting points of interpretive uncertainty and divergence from developments in the US.
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