FCA Standardizes "Sterling Anchor" Rules as UK Finalizes Crypto Perimeter

As the UK's financial perimeter grows, the Financial Conduct Authority (FCA) has released final operating requirements for fiat-backed electronic assets, formalizing the system for stablecoins backed by sterling. The milestone comes after the regulator's dedicated cryptoasset authorizations gateway was launched. Under the Financial Services and Markets Act, companies that issue, trade, or safeguard electronic assets in the UK must apply for formal Part 4A permits. The regulator’s latest policy announcement is focused on stringent backing-asset requirements to ensure a genuine 1:1 ‘sterling anchor’ for all non-systemic stablecoins issued or marketed in the country.

Source: Crypto Daily