UK Selects Firms for Stablecoin Regulatory Sandbox, Including Revolut
The UK Financial Conduct Authority (FCA) has selected four crypto firms—Revolut, Monee Financial Technologies, ReStabilise, and VVTX—to join a regulatory sandbox for stablecoin projects. This program allows these companies to trial stablecoin products in real-world conditions without immediate regulatory risk. The sandbox aims to inform the FCA as it develops the UK's stablecoin regulations, expected later in 2024. The selected firms cover a range of stablecoin use cases, including payments, wholesale settlement, and crypto trading. Revolut is reportedly considering launching its own stablecoin. The FCA chose these firms from 20 applicants, and each will receive feedback from FCA specialists during the process. The UK’s efforts to regulate stablecoins follow the recent passage of the GENIUS Act in the US. To coordinate their regulatory approaches, the UK and US have formed a joint task force, the Transatlantic Taskforce for Markets of the Future, which will release findings later this year.
