The Financial Conduct Authority (FCA) of the United Kingdom is looking for additional opinions on its next Stable-Coins, he said on Wednesday.
“In support of opportunities that present stables to financial services and the wider economy, the FCA will explore the addition of a specific accent on stablecoins to its innovation services in the coming months,” the FCA press release said.
The rules proposed by the FCA aim to guarantee the stablecoins to maintain their value and seek to reduce the probability of failure of custody and cryptography societies.
The stablecoins were something that regulators looked carefully after the collapse of the Stablecoin Terrausd algorithm in 2022, which made money lose.
The FCA has established its new cryptographic regime since 2023. In 2023, it published a discussion document with proposals for a stable -co -coat. The regulator has since increased its efforts to regulate the sector by publishing a series of discussion documents for industry and the British government is working to establish new legislation to ensure that the country’s regulators have all the powers they need to launch their new plans for the digital asset sector.
The FCA will work with the Bank of England to regulate stablecoins.
“For the Stablecoins which plan to operate on a systemic scale, the Bank of England will publish an additional consultation document later this year, in particular by responding to the comments of the industry to allow a certain return to support assets,” said Sarah Breeden, deputy for the financial stability of the Bank of England.
