🇬🇧 Government intends to secure the co-supervision over stablecoins as a joint venture of both BoE and the FCA.
The United Kingdom government could rebalance the power between the Bank of England and the country’s principal financial regulator, the Financial Conduct Authority , in the former’s favor,The British government launched the consultation under the headline “Payments Regulation and the Systemic Perimeter” in 2022 to get market proposals on reforming the BoE payments perimeter, given the evolution of financial stability risks.
The final paper sets out some measures for regulating so-called “systemically important stablecoins.” The main takeaway is the government’s intention to secure the co-supervision over stablecoins as a joint venture of both the BoE and the FCA.
As the document specifies, most respondents accepted the need for BoE primacy to supervise future systemically recognized payment entities. However, some respondents demanded clarity on the limitations of its power. In July, BoE Governor Andrew Bailey stated that both cryptocurrencies and stablecoins fail basic tests of singleness and settlement finality and hence should not be considered money. Instead,
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