The U.K. government recently released a consultation on regulating the industry and potential plans for a central bank digital currency. This could mean big changes for the industry, and we want to know what you think.
The Prudential Regulation Authority (PRA) is planning to propose rules on issuing and holding digital assets, Vicky Saporta, executive director of prudential policy at the Bank of England, said in a speech Monday.
The country is trying to firm up its approach on crypto, including stablecoins and other digital settlement assets that could pose a risk to financial stability. Once the Financial Services and Markets Bill becomes law, authorities will have powers to regulate crypto more broadly.
According to a footnote accompanying the text of the speech, new standards for PRA-regulated firms will be coherent with rules for other sectors. The Basel Committee on Banking Supervision, the banking industry’s global regulator, published a standard on how banks should treat crypto exposure in December. This means that PRA-regulated firms will be held to the same high standards as banks when it comes to their dealings in crypto.
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