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

Industry groups argue they see inconsistencies in regulatory plans by the Bank of England and the Financial Conduct Authority. The Bank of England and the Financial Conduct Authority need to reconsider certain proposals to regulate stablecoins, multiple industry groups say. Lobbying groups argue the proposals treat stablecoin issuers unfairly and harm their ability to earn revenue. 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 supervi