The UK government has finalized its plans to regulate fiat-backed crypto stablecoins.

The Bank of England (BOE) will focus on regulating stablecoins backed by the British pound.

The Financial Conduct Authority (FCA) will regulate all other stablecoins.

Stablecoin issuers will need prior permission from the FCA before circulating stablecoins in or from the UK.

Issuers of stablecoins will be allowed to keep revenue from interest and returns from the backing assets.

The FCA is concerned that this may be perceived as unfair to consumers, but it believes that the benefits of regulation outweigh the risks.

The UK is one of the first countries to publish clear rules for the crypto and stablecoin market.

The US has lagged behind other countries in regulating crypto assets.

The UK's move is likely to be seen as a positive development for the crypto industry.

The UK's approach to regulating stablecoins is likely to be seen as a model for other countries.

The UK's rules are clear, comprehensive, and risk-based.

Other countries are likely to follow the UK's lead in regulating stablecoins.