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UK’s Planned Stablecoin Rules Need Reworking, Crypto Advocates Say

Crypto industry groups in the U.K. say local regulators’ proposals for supervising stablecoins need reworking. In November, the Bank of England (BoE) and Financial Conduct Authority (FCA) published discussion papers on their plans for regulating crypto pegged to the value of fiat currencies or other steady assets. The industry’s responses to the consultation reveal crypto advocates have mixed feelings about the proposals, saying that there are some good points, but a number of aspects need to be reconsidered. Both regulators plan on supervising stablecoins. The FCA has acknowledged in its discussion paper that stablecoin issuers earn most of their revenue by investing reserve assets and earning interest.

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