The United Kingdom Has Updated Its Intentions for a Systemic Stablecoin Regime

Published on:

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.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.