Bank of England Consults on Systemic Stablecoins

As part of the UK’s rapid overhaul of its digital assets regulatory regime, the Bank of England this week issued a consultation paper on the bank’s “Proposed regulatory regime for sterling-denominated systemic stablecoins”. The bank’s proposals for the sector were originally aired in a 2023 discussion paper. The consultation paper now sets out the bank’s policy position for a proposed regulatory regime for sterling denominated systemic stablecoins for UK payments issued by nonbanks….
By: Paul Hastings LLP