PANews reported on June 1 that according to TheFintechTimes, the UK Financial Conduct Authority (FCA) issued a regulatory proposal for stablecoin issuance and crypto asset custody, aiming to support innovation and strengthen consumer protection. The proposal requires stablecoins to be fully backed by highly liquid assets to ensure that users can redeem them at face value, and requires custodians to ensure the security and accessibility of customer assets. The public consultation period for the proposal will end on July 31 and is expected to be officially implemented in 2026, but the crypto industry has mixed reviews:

1. Matthew Osborne, Ripple's UK and European policy director, said the FCA's proposal lays the foundation for the UK to become a global leader in digital assets.

2. Juniper Research analyst Lorien Carter believes that the consumer protection measures in the proposal will enhance market confidence, but the implementation timetable may pose a challenge to companies.

3. Bilal Khaled of D24 Fintech Group suggested providing a regulated pilot period for start-up projects to promote innovation.

4. Martin Dowdall of Taylor Wessing law firm warned that the lack of clear rules on technology adaptability could lead to regulatory confusion.