CBSR · 证据资料库
英国稳定币监管证据 | CBSR 历史快照
浏览 14 条英国稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
英国证据区分已制定未施行的监管范围与政策说明。其中一项解释分歧是：合格稳定币与英国的生命周期联系，究竟需要任一环节还是全部三个环节。记录虽然列出后续政策文件线索，持有人收益待遇仍未完成映射。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
uk-frs-issuer_pathway-001
快照保留 HMT 政策说明的任一环节表述与 SI 2026/102 第 9M(2) 条全部三个环节表述之间的解释问题，并未替读者选择结论。
快照记录原文 · 不是法条逐字引文
Issuers must be UK-incorporated. HM Treasury's policy note describes the regulated perimeter as triggered by any one of three lifecycle limbs (offering, redemption, backing-asset management) in the UK. However, Article 9M(2) of SI 2026/102, together with the corresponding amendment to FSMA s.418, requires all three limbs to be in the UK. This single-limb vs. all-three-limbs divergence is an open interpretive question.储备与资产支持
uk-frs-reserve_backing-001
记录把 1:1 支持、年度独立审查，以及储备资产的 CIS/AIF 排除单独列出；具体资产构成规则在该历史记录中仍属待完成事项。
快照记录原文 · 不是法条逐字引文
SI 2026/102 requires 1:1 backing by a backing-asset pool with annual independent review. Backing assets are carved out from the collective-investment-scheme (CIS) and alternative-investment-fund (AIF) definitions, with the carve-out activated early ahead of full regime commencement; specific backing-asset composition rules are pending final FCA rules.允许活动与收益边界
uk-frs-permitted_activity_yield-001
该记录没有把储备报酬推论为持有人收益许可。PS26/10 等材料被列为后续映射线索，实质结论尚未完成独立复核。
快照记录原文 · 不是法条逐字引文
Yield is not expressly addressed in SI 2026/102. The FCA published PS26/10 final issuance rules in June 2026 and the Bank published its systemic policy/draft Code. The exact holder-yield and remuneration treatment has not yet been mapped and independently reviewed for this record, so no substantive conclusion is promoted.货币主权与跨境准入
uk-frs-monetary_sovereignty-001
记录描述境外代币入境待遇处于向系统性制度过渡的阶段；没有仅凭无总量上限就推导开放准入。
快照记录原文 · 不是法条逐字引文
There is no aggregate usage cap on private tokens; the inbound treatment of foreign tokens is in transition pending the operation of the systemic regime, so the structural monetary-sovereignty pole is not yet stable.完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 反洗钱与客户识别 | AML/KYC — full FSMA scope; MLR registration regime superseded | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 银行及非银行路由 | Authorized-firm issuance; FCA conduct vs. BoE systemic split | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |
| 资本要求 | FCA PS26/10 Summary and Ch. 2-3; exact capital-rule mapping pending | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |
| 跨境数据 | Cross-border transfer — adequacy / IDTA / UK Addendum to EU SCCs | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |
| 托管 | Custody — 24-hour rule; safeguarding licence for regulated custodians | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |
| 分销 | Distribution — offshore 'involved' test; UKQS financial-promotions carve-out; payments amendment | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 实施状态 | Joint approach, Introduction and Table C; FCA PS26/10 Summary; commencement 25 Oct 2027 | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |
| 发行准入路径 | reg 9M(2) (issuing a qualifying stablecoin; all three limbs) vs HMT policy note (any one limb) | 已制定但未施行 · made_not_commenced | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 货币主权与跨境准入 | Monetary-sovereignty treatment of foreign tokens — pending systemic-regime operation | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |
| 允许活动与收益边界 | Holder-yield/remuneration mapping pending; do not infer from reserve remuneration | 待决提案 · pending_proposal | 复核时效未知 · unknown | 无已记录证据 |
| 赎回 | Redemption — issuer-controlled; backing-asset trust structure | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |
| 监管机构 | FCA/BoE supervisory architecture under FSMA 2000 (as amended by SI 2026/102) | 已制定但未施行 · made_not_commenced | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 储备与资产支持 | 1:1 backing; CIS/AIF carve-out for backing assets | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |
| 证券属性认定 | Regulated-activity perimeter for stablecoins vs. the investment (securities) heads | 已制定但未施行 · made_not_commenced | 复核时效未知 · unknown | 无已记录证据 |