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In the case of stablecoins, this might include � but is not limited to � the issuer of a stablecoin, a custodian, or a third-party service provider. Scope of regulated activity Unlike many other crypto legislative frameworks � which require a physical establishment in the jurisdiction � the UK approach will follow FSMA. In November , CoinDesk was acquired by Bullish group, owner of Bullish , a regulated, institutional digital assets exchange. You may opt out at any time.