Sandbox

The UK Financial Conduct Authority has picked four firms to pilot stablecoin services in a regulatory sandbox; insights will inform the final stablecoin rules expected later in 2026.

The UK Financial Conduct Authority has picked Monee, ReStabilise, Revolut and VVTX to trial stablecoin issuance and payment services in its regulatory sandbox beginning Q1 2026. The pilot will test operational, compliance and consumer‑protection arrangements for regulated stablecoin use.

Vietnam will license five companies to run pilot digital asset exchanges under a tightly regulated sandbox before Jan. 15, with coordinated oversight from multiple government agencies.

Uzbekistan will recognize stablecoins as an official means of payment starting Jan. 1, 2026, under a regulatory sandbox that also permits trading in tokenized securities. The framework is intended to bring legal clarity for crypto payments and tokenized asset markets.

The UK and United States are holding early talks to create a shared crypto 'sandbox' for cross-border testing and licensing, aiming to harmonize digital asset rules. The move could ease regulatory fragmentation and help firms scale between the two markets.