HM Treasury has laid a draft Statutory Instrument amending the UK's new cryptoasset regulatory regime (the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026), alongside changes to the Regulated Activities Order and the Financial Promotion Order. The headline change carves UK-issued qualifying stablecoin payments out of the cryptoasset dealing and arranging perimeter, so payments firms using UK-regulated stablecoin aren't forced into full cryptoasset dealing authorisation ahead of the wider payments regime reforms still being developed. It also brings forward the exclusion of stablecoin backing assets from fund regulation, fixes a competitive gap for UK-based market makers, and extends a safeguarding exemption to tokenised securities held by central securities depositories. This matters because it signals the government is willing to move quickly to smooth practical friction points as the 2027 cryptoasset regime approaches, rather than leaving firms to absorb unintended compliance burdens while parallel reforms (like payments modernisation) catch up. For businesses building UK stablecoin payment rails or custody infrastructure, it's a meaningful, near-term de-risking of the authorisation pathway.