Last Updated on August 9, 2023 by Bitfinsider
The UK Treasury issued a consultation response that updated suggestions for a regulatory framework for systemic stablecoins.
The framework agreed on co-supervision arrangements, with the Bank of England leading on prudential matters and safeguarding financial system stability. The Financial Conduct Authority would monitor behaviour.
The collaborative approach would also include other relevant bodies such as the Bank of England’s Prudential Regulation Authority and Payment Systems Regulator.
“The consultation proposes extending the intended approach towards the co-supervision of systemically important digital settlement assets, systemic stablecoins, as the government had separately proposed in its 2022 stablecoins consultation response document,” the Treasury said in its response.
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