The UK Treasury and Economic Secretary Lucy Rigby announced a series of measures at London FinTech Week aimed at modernizing payment services regulation and enhancing FinTech competitiveness. The plan includes establishing a single regulatory framework to integrate traditional and tokenized payments, and enacting legislation for stablecoin payments to reduce administrative burdens. Chris Woolard has been appointed as the leader for wholesale digital markets to drive tokenization of financial assets and related strategies. The plan also involves adjusting regulatory oversight for AI-powered payments, granting the FCA new powers to regulate Open Banking, providing an additional £1 million in funding to CFIT, and integrating the payment systems regulator into the FCA.
UK Treasury Announces Plan to Modernize Payment Services
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Summary
The UK Treasury announced a regulatory overhaul for payment services during London Fintech Week, aiming to enhance fintech competitiveness and improve liquidity and integration with crypto markets. The plan introduces a unified framework for traditional and tokenized payments, new stablecoin legislation, and CFT (Countering the Financing of Terrorism) measures. Chris Woolard will lead wholesale digital markets, while the FCA gains expanded Open Banking powers and an additional £1 million for the CFIT. The payment systems regulator will be merged into the FCA.
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