{"id":450348,"date":"2022-05-21T00:15:00","date_gmt":"2022-05-20T21:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fca-will-absolutely-consider-recent-stablecoin-depegging-when-drafting-crypto-rules-report\/"},"modified":"2022-05-21T00:15:00","modified_gmt":"2022-05-20T21:15:00","slug":"fca-will-absolutely-consider-recent-stablecoin-depegging-when-drafting-crypto-rules-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fca-will-absolutely-consider-recent-stablecoin-depegging-when-drafting-crypto-rules-report\/","title":{"rendered":"# FCA will &#8216;absolutely&#8217; consider recent stablecoin depegging when drafting crypto rules: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f74462e98d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f74462e98d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fca-will-absolutely-consider-recent-stablecoin-depegging-when-drafting-crypto-rules-report\/#%E2%80%9D_FCA_will_%E2%80%98absolutely_consider_recent_stablecoin_depegging_when_drafting_crypto_rules_Report_%E2%80%9C\" >&#8221; FCA will &#8216;absolutely&#8217; consider recent stablecoin depegging when drafting crypto rules: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_FCA_will_%E2%80%98absolutely_consider_recent_stablecoin_depegging_when_drafting_crypto_rules_Report_%E2%80%9C\"><\/span>&#8221; FCA will &#8216;absolutely&#8217; consider recent stablecoin depegging when drafting crypto rules: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvYjliOGFjZGQtZmM2Ni00NzMzLTljNGQtZGQwMjlmY2JiM2Q1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Sarah Pritchard, the executive director of markets at the United Kingdom\u2019s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022.<\/p>\n<p>According to a Friday Bloomberg report, Pritchard <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-20\/uk-regulator-scrutinizes-terra-fallout-as-it-mulls-crypto-rules\">said<\/a> the financial regulator will \u201cabsolutely\u201d take into account stablecoins like TerraUSD (UST) and Tether (USDT) depegging from the U.S. dollar in drafting regulatory guidelines with Her Majesty&#8217;s Treasury for release later this year. While the USDT price only briefly dropped to $0.97 on May 12, UST\u2019s has fallen more than 93% since May 9 to reach roughly $0.06 at the time of publication.<\/p>\n<p>\u201cIt really shows at front of mind the really significant issues that exist here, both in terms of a well-functioning market and obviously consumer protection,\u201d said Pritchard. \u201cIn the last week where we saw significant price movements, it brings that into the fore and it shows the importance of making sure that people understand that that is a risk of where they put their money.\u201d<\/p>\n<p>The United Kingdom&#8217;s Economic and Finance Ministry announced in April that it would work to incorporate stablecoins into a regulatory framework on digital assets, given they could become \u201ca widespread means of payment\u201d for retail customers. In addition, HM Treasury said it would move forward with initiatives including reviewing tax legislation as <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lied to crypto assets, commissioning a nonfungible token, or NFT, for the Royal Mint, and exploring distributed ledger <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> for use in U.K. financial markets.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The new HM Treasury regulations: The good, the bad and the ugly<\/em><\/strong><\/p>\n<p>U.K. regulators as well as the Bank of England Financial Policy Committee said in March they were assessing crypto regulations in the country, specifically noting they \u201cwelcomed\u201d HM Treasury\u2019s proposals for incorporating stablecoins into the existing framework. The FCA also announced it had extended the temporary registration status of some firms offering crypto services beyond its original March 31 deadline. At the time of publication, five companies are <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/register.fca.org.uk\/servlet\/servlet.FileDownload?file=0154G0000062BtF\">permitted<\/a> to \u201ccarry out crypto asset activities\u201d under this temporary status, including Copper, CEX.IO, and Revolut.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fca-will-absolutely-consider-recent-stablecoin-depegging-when-drafting-crypto-rules-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; FCA will &#8216;absolutely&#8217; consider recent stablecoin depegging when drafting crypto rules: Report &#8220; Sarah Pritchard, the executive director of markets at the United Kingdom\u2019s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022. According to a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":450349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvYjliOGFjZGQtZmM2Ni00NzMzLTljNGQtZGQwMjlmY2JiM2Q1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,75493,55229,70934,4966],"class_list":["post-450348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-stablecoin","tag-law","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/450348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=450348"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/450348\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/450349"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=450348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=450348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=450348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}