{"id":81294,"date":"2023-11-06T12:29:11","date_gmt":"2023-11-06T17:29:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bank-of-england-and-uks-fca-propose-plans-to-regulate-stablecoins\/"},"modified":"2023-11-06T12:29:14","modified_gmt":"2023-11-06T17:29:14","slug":"bank-of-england-and-uks-fca-propose-plans-to-regulate-stablecoins","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81294","title":{"rendered":"Bank of England and UK\u2019s FCA Propose Plans to Regulate Stablecoins"},"content":{"rendered":"<div>\n<figure id=\"attachment_127616\" aria-describedby=\"caption-attachment-127616\" style=\"width: 612px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-127616\" class=\"wp-caption-text\">Source: Pixabay<\/figcaption><\/figure>\n<p>The UK\u2019s central bank and the financial regulator have both proposed plans to regulate stablecoins in discussion papers, published Monday.<\/p>\n<p>The Bank of England (BoE) revealed that the regulatory measures focus on sterling-denominated stablecoins. This is because they have the potential\u00a0for everyday payments.<\/p>\n<p>\u201cIt is important for policymakers to set out the regulatory requirements so innovators can plan ahead and so that innovation can be adopted safely,\u201d the bank said.<\/p>\n<p>The discussion paper would potentially receive feedback from the industry on the initial proposals. The Bank would then consult on its final proposed regime, which could be adopted over time as the industry evolves.<\/p>\n<p>The central bank would also regulate other entities providing services to these payment systems such as stablecoin issuers. If not regulated, these nascent payment systems could pose risks to financial stability in the UK, the bank added.<\/p>\n<p>However, stablecoins can \u201cenhance digital retail payments in the UK,\u201d says Sarah Breeden, deputy governor for financial stability, BoE.\n<\/p>\n<blockquote>\n<p>\u201cOur proposals aim to support safe innovation so that firms can understand the risks they need to manage and ensure that the public can be confident in all forms of digital money and payments.\u201d<\/p>\n<\/blockquote>\n<p>\nThe consultation paper is open for feedback from the public and industry until 6 February 2024.\n<\/p>\n<p>\nThe Financial Conduct Authority\u2019s (FCA) discussion paper explores the proposed regulation around issuing and holding stablecoins.<\/p>\n<p>FCA sees stablecoins as a means of faster and cheaper payments. \u201cThat\u2019s why we want to offer firms the ability to utilize this innovation safely and securely,\u201d said Sheldon Mills, executive director at FCA.\n<\/p>\n<blockquote>\n<p>\u201cGetting views from others is essential for creating proportionate rules that benefit consumers and firms and also meet our objectives.\u201d<\/p>\n<\/blockquote>\n<p>\nFurther, the Prudential Regulatory Authority (PRA) also published a \u201cDear CEO\u201d letter, on innovative uses of deposits, e-money and stablecoins. The letter explores how it expects deposit-takers to address the risks that arise from issuing multiple forms of digital money.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bank-of-england-and-uks-fca-propose-plans-to-regulate-stablecoins.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay The UK\u2019s central bank and the financial regulator have both proposed plans to regulate stablecoins in discussion papers, published Monday. The Bank of England (BoE) revealed that the regulatory measures focus on sterling-denominated stablecoins. This is because they have the potential\u00a0for everyday payments. \u201cIt is important for policymakers to set out the regulatory [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":81295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-81294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of England and UK\u2019s FCA Propose Plans to Regulate Stablecoins | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay The UK\u2019s central bank and the financial regulator have both proposed plans to regulate stablecoins in discussion papers, published Monday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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