UK: The Financial Services and Markets Bill

The Financial Services and Markets Bill was introduced in Parliament yesterday, receiving its First Reading in the House of Commons. A copy of the Bill, as introduced, is available here (pdf). Accompanying the Bill are various publications, including explanatory notes, a delegated powers memorandum and a human rights memorandum - these can all be found here. To paint with a very broad brush, the Bill will, amongst other things, revoke retained EU law relating to financial services in order that it can be replaced with UK specific legislation. The Bill will also make changes to the objectives of the UK's financial regulators and it will also bring stablecoins within the regulatory ambit when used as a form of payment.

UK: Treasury consultation - the failure of systemic digital settlement asset (including stablecoin) firms

Her Majesty's Treasury has published for consultation proposals to amend the Financial Market Infrastructure Special Administration Regime to deal with the failure of systemic digital settlement asset (including stablecoin) firms: see here.

UK: The regulatory approach to cryptoassets, stablecoins, and distributed ledger technology in financial markets

Following a consultation last year, the Government has published further details in respect of its planned regulatory approach to cryptoassets, stablecoins, and distributed ledger technology in the financial markets: see here (pdf). It is proposed, amongst other things, to bring within the regulatory perimeter activities facilitating the use of certain stablecoins when used as a payment method.

IOSCO statement on global stablecoin initiatives

The IOSCO has today published a statement concerning the risks and benefits arising from global stablecoin initiatives and the potential application of securities market regulation to such initiatives: see here (pdf). This statement appears not long after the publication, by the Financial Stability Board, of an issues note on the regulatory issues of stablecoins.