The UK has released final rules for the regulation of cryptocurrencies and stablecoins, with plans to introduce legislation on fiat-backed stablecoins in early 2024

ChainCatcher news, according to CoinDesk, the UK government released the final rules for cryptocurrencies and stablecoins on Monday. The government plans to introduce cryptocurrency regulation in phases, starting with fiat-backed stablecoins and then adding other cryptocurrency-related areas, including algorithmic stablecoins.

The document states that legislation regarding fiat-backed stablecoins is expected to be introduced in early 2024. These rules will bring certain activities related to fiat-backed stablecoins under the jurisdiction of the Financial Conduct Authority (FCA).