UK regulatory changes forStablecoins and cryptoassets on the horizon Getty Images The Consultation represents the first stage in the government’s consultative process with industry and stakeholders on the broader regulatory approach to cryptoassets and stablecoins. It seeks views on how the UK can ensure that its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability. The government established the Cryptoassets Taskforce in 2018 (Taskforce) with senior representatives from the Bank of England, the Financial Conduct Authority (FCA) and HM Treasury with attendance by the Payments Systems Regulator. The mandate of the Taskforce is to consider the risks and benefits posed by cryptoassets and DLT in the UK, and to advise on the appropriate regulatory response. In 2018, the Taskforce found that DLT could have a significant impact across a range of industries, with the potential to deliver real benefits for financial services. It also judged that the cryptoasset market was at an immature stage of development, and that there was limited evidence of the current generation of cryptoassets delivering benefits.