UK Regulators Release Suite of Documents on Stablecoin Regulation
The Financial Conduct Authority (FCA) and the Bank of England (BOE) have released a suite of documents concerning stablecoin regulation in the UK. The FCA's discussion paper explores potential retail and wholesale stablecoin use cases, proposing the use of existing client assets regime as the basis of rules on redemption and custodianship. The BOE's Prudential Regulatory Authority (PRA) has released a letter advising deposit-taking institutions to maintain a clear difference between e-money or regulated stablecoins and other types of deposit. The BOE roadmap includes a timeline for implementation of stablecoin regulation by 2025.
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