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UK Financial Watchdogs Publish Plans to Regulate Stablecoins

U.K. financial watchdogs shared plans to regulate stablecoins that could pose a risk to the financial system in discussion papers published Monday. The plans focus on stablecoins pegged to the value of the British pound because the central bank considers these to be “most likely” to be used widely for payments, the Bank of England (BOE) said in a press statement on its paper. The central bank will be regulating these “systemic stablecoins” and their issuers, while the Financial Conduct Authority (FCA) will oversee the crypto sector broadly, the U.K. government said in plans published last week. The BOE paper was published alongside another discussion paper by the FCA.

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