According to CoinDesk, the British government released final rules for cryptocurrencies and stablecoins on Monday. The government plans to introduce cryptocurrency regulation in stages, starting with stablecoins backed by fiat currencies and then adding other cryptocurrency-related areas including algorithmic stablecoins.
The document states that legislation on fiat-backed stablecoins is planned for early 2024. The rules will bring certain activities related to fiat-backed stablecoins under the jurisdiction of the Financial Conduct Authority (FCA).
