UK Regulators Consult on Stablecoin Rules, Clarifying Oversight for USDT and USDC
UK Regulators Consult on Stablecoin Rules, Clarifying Oversight for USDT and USDC
The Bank of England has initiated a consultation on proposed rules for 'systemic' GBP stablecoins, including potential temporary holding limits. Meanwhile, the Financial Conduct Authority (FCA) will continue its oversight of non-systemic stablecoins like USDT and USDC, which will not be subject to these new restrictions.
Bank of England Eyes Stablecoin Regulation
The Bank of England has launched a consultation regarding regulatory frameworks for 'systemic' GBP stablecoins, which may include temporary holding limits. Concurrently, major non-systemic stablecoins such as USDT and USDC, primarily used for crypto trading, are set to remain under the existing oversight of the Financial Conduct Authority (FCA) and will not face these proposed restrictions.