Crypto On LYO: The Blend — UK Announces Conclusive Crypto and Stablecoins Regulations; Singapore, Japan, UK, and Swiss Regulators to Pilot Asset Tokenization; Taiwan Initiates Crypto Regulation with Digital Asset Bill Reading

LYOPAY Official
3 min readNov 3, 2023

What happened in the crypto world in the last week? Let’s see some interesting news together!

UK Announces Conclusive Crypto and Stablecoins Regulations

The UK government has issued its final crypto and stablecoin regulations. The government’s phased approach will commence with fiat-backed stablecoins and expand to encompass algorithmic stablecoins. Legislation concerning fiat-backed stablecoins is scheduled for an early 2024 introduction, subjecting relevant activities to the oversight of the Financial Conduct Authority (FCA).

The Treasury released a crypto consultation in February, which closed in April. Economic Secretary Andrew Griffith previously expressed the UK’s ambition to be a crypto hub. Even after FTX’s crypto exchange collapse, the country passed the Financial Services and Markets Act 2023 in June, treating crypto as a regulated activity.

Additionally, the government unveiled its plans for stablecoins potentially affecting financial stability. In May, the central bank initiated a consultation on a regulatory framework for systemic stablecoins.

Singapore, Japan, UK, and Swiss Regulators to Pilot Asset Tokenization

Regulators from Singapore, Japan, the UK, and Switzerland have announced plans for asset tokenization trials involving fixed income, foreign exchange, and asset management products.

The Monetary Authority of Singapore (MAS) has established “Project Guardian,” a collaboration between policymaker groups such as Japan’s Financial Services Agency (FSA), the UK’s Financial Conduct Authority (FCA), and Switzerland’s Financial Market Supervisory Authority (FINMA) to promote international cooperation in asset tokenization.

Project Guardian’s primary focus will be on discussing the legal and accounting treatment of digital assets, identifying potential risks and policy gaps, and developing common standards for digital asset market design and best practices across different jurisdictions.

The project also aims to facilitate industry pilot programs for digital assets within regulatory sandboxes, as outlined in MAS’s announcement.

Leong Sing Chiong, Deputy Managing Director at MAS, highlighted the strong commitment of policymakers to better understand the opportunities and risks associated with digital asset innovation through the partnership with FSA, FCA, and FINMA.

Taiwan Initiates Crypto Regulation with Digital Asset Bill Reading

Taiwan has embarked on the path of digital asset regulation with the introduction of a crypto bill for its first reading in the Legislative Yuan. The proposed Virtual Asset Management Ordinance Draft is designed to provide clear definitions for virtual assets, establish operational standards for industry operators, and prioritize the safeguarding of customer interests and industry association memberships.

Notably, the bill doesn’t mandate the use of custodians for licensed exchanges but enforces the segregation of customer assets from business funds.

Under this regulatory framework, exchange operators are required to commission regular reports from accountants regarding their operations and asset management. They must also permit regulatory bodies, including the Financial Supervisory Commission (FSC), to conduct routine inspections of their internal control and audit systems.

The digital asset industry in Taiwan has expressed its approval of this regulatory step and anticipates continued collaboration with the FSC. While a second reading of the bill is pending, the FSC is expected to provide additional input to the draft.

Stay tuned for next week’s crypto news! Follow LYOPAY social media pages:

Twitter | Facebook | Instagram | LinkedIn | Telegram | YouTube


This article incorporates insights and content generated by language model and other AI technologies. While the author has made every effort to ensure the content’s accuracy and reliability, neither the author nor LYOTRADE can guarantee the absolute correctness, comprehensiveness, or dependability of all information provided.

Cryptocurrency trading inherently carries significant risks. It’s not suited for everyone. Before engaging in cryptocurrency trading, it’s essential to evaluate your investment goals, experience, and risk tolerance. It’s possible that you could experience a total or partial loss of your investment, hence only invest what you can afford to lose entirely. Understand all risks associated with cryptocurrency trading and consider seeking counsel from an independent financial advisor.

Always stay informed and exercise caution when dealing with cryptocurrencies and related technologies.



LYOPAY Official

LYOPAY integrates many day-to-day crypto-services, such as payments, e-commerce, travel booking, and many more.