On 7 January 2021, HM Treasury issued a consultation setting out its proposed approach to UK regulation of cryptoassets, including a regulatory framework for "stable tokens”. The consultation sets out only high-level proposals, without draft legislative text, on the basis that detailed rules to implement the proposed regime will be consulted on by the Financial Conduct Authority (FCA) and Prudential Regulatory Authority in due course. The deadline for responding to the consultation is 21 March 2020.