Milestones

The UK Parliament passes the Financial Services and Markets Act 2023, granting authorities including the Treasury, Bank of England, and FCA powers to regulate stablecoins.

UK-regulated crypto firm BCP Technologies announces the launch of its GBP-denominated stablecoin, tGBP, targeting institutional and corporate clients.

The Bank of England opens a consultation on its proposed regulatory framework for systemic stablecoins, including rules on backing assets and holding limits.

Bank of England Deputy Governor Sarah Breeden states the central bank is open to revising proposed stablecoin rules based on industry feedback to avoid being too costly.