THE FINTECH INTERVIEW
requiring consumers to learn new payment methods or abandon the convenience of contactless cards.
The regulatory landscape takes shape The United Kingdom is racing to establish its own comprehensive regulatory framework for stablecoins and cryptocurrency more broadly.
The Financial Conduct Authority has been developing regulations similar to MiCA, the Markets in Crypto-Assets framework implemented across the European Union. The new framework will transform the current system, which merely registers cryptocurrency firms under anti-money laundering regulations. Instead, the FCA is building comprehensive rules covering both stablecoins and the companies that provide them. The legislation should be finalised by the end of 2025 and implemented throughout 2026.
“ You’ re going to have a very high bar for someone to become a licenced UK crypto player, but also clarity for both institutional and consumer protection,” Keith explains.“ What’ s protected? What are the repercussions for bad actors? I think it’ s going to really help raise the bar.”
Speed of implementation matters. Other jurisdictions have already established clear frameworks, forcing the UK to play catch-up.
However, Keith sees potential advantages in learning from international examples. The UK can study rougher edges in regulations elsewhere and
create more innovation-friendly rules.
The UK government has announced plans to appoint a crypto czar to help drive policy forward in this sector. While details remain sparse about this new role, Keith views the development positively. Having a senior official coordinating cryptocurrency policy across different government departments should accelerate progress.
“ I think truly having someone connect all the dots at the policy level in the government and push that forward is going to be really important,” he says.
32 November 2025