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Overseas stablecoin issuers may need to be UK-regulated, Reynolds says

By Phoebe Seers ( May 6, 2025, 11:42 GMT | Insight) -- Stablecoin issuers established outside the UK will need to be authorized and regulated there if they wish to interact with UK consumers, the minister for financial services Emma Reynolds said today. A policy note accompanying the draft cryptoasset legislation published by the finance ministry had said that only stablecoin issuers established in the UK would need FCA authorization, prompting many to believe that the largest US-based issuers — such as Tether and Circle — would be exempt from future regulation.Much of the immediate reaction to last week’s unveiling of crypto legislation focused on a provision that appeared to exempt overseas stablecoin issuers from the UK’s future regulatory regime. But today, the minister for financial services indicated that that interpretation was incorrect....

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