The Bank of England (BOE) and the Financial Conduct Authority (FCA) are implementing regulations for different aspects of the cryptocurrency landscape in the UK. The BOE is focusing on “systemic stablecoins” that could potentially disrupt financial stability, while the FCA will oversee the broader cryptocurrency domain. The regulatory move is prompted by proposals from major tech companies like Meta and PayPal to issue stablecoins and the collapse of Terraform Labs. The UK government aims to establish itself as a cryptocurrency hub and has proposed regulations allowing companies to issue payment-oriented, fiat-backed stablecoins if they meet regulatory standards. The BOE’s interest is in stablecoins pegged to the British pound. The regulatory framework is being developed in phases, with rules expected to be finalized by mid-2024 and implementation by 2025. The FCA is considering measures such as potential limits on individual holdings of stablecoins, authorization for issuers, and requirements for stablecoins to be backed by appropriate assets. The goal is to balance innovation in the cryptocurrency sector with financial stability and consumer protection.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}