The UK recently passed the Financial Services and Markets Act 2023, giving the Bank of England the power to establish a systemic stablecoin regime.
The Bank of England (BoE) plans to continue with its plans for a systemic stablecoin regime, according to a consultation response on Monday.
Respondents welcomed the provision in the consultations that systemic stablecoins would be regulated by the Bank of England and the Financial Conduct Authority (FCA).
Respondents and governments also support extending accountability frameworks (assessing whether regulators’ methods are future-proof) to systemic stablecoins.