Section 3ZA(3)

In this regulation, “stablecoin” means a cryptoasset that— meets the following two conditions— it seeks or purports to maintain a stable value in relation to a particular fiat currency (“the referenced fiat currency”), and fiat currency (which may be that referenced fiat currency) or other assets are held for the purpose of maintaining its stable value in relation to the referenced fiat currency, in accordance with paragraph (i), is fungible, is transferable, is not solely a record of value or contractual rights, including another cryptoasset, and is not excluded by paragraph (6).

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Source: legislation.gov.uk · retrieved 2026-09-04