UK dilutes stablecoin capital requirement in final crypto rulebook

LONDON, June 30 (Reuters) - Britain's financial regulator said on Tuesday it would reduce its planned capital requirements for stablecoin issuers after industry pushback, as it ‌unveiled regulations to bring the cryptoasset sector fully within its remit for the first ‌time.

Policymakers around the world are under pressure to strike a balance between protecting consumers and remaining competitive, particularly in ​the face of crypto-friendly policies drawn up by U.S. President Donald Trump's administration.

British finance minister Rachel Reeves said in December the Financial Conduct Authority's rules would provide "clear rules of the road" and keep "dodgy actors" out of the market.

After a series of consultations with industry, the FCA said it ‌would reduce a key capital ⁠requirement requiring firms to hold funds equal to 1% of the total value of stablecoins they issue, down from 2% previously proposed.

The FCA said ⁠the changes were aimed at creating a "proportionate" regime that would enable firms to compete internationally.

Officials said the UK regulator had initially set the bar too high on stablecoins.

"The feedback we got (was) that we're ​starting a ​bit high," David

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/crypto/articles/uk-dilutes-stablecoin-capital-requirement-230558514.html)