UK regulator begins discussing rules for stablecoins

According to the FCA initiative, stablecoin issuers are required to provide full information about the mechanisms for securing their tokens. The key requirement is transparency in reserve management, as well as the mandatory involvement of external custodians to store assets that ensure the stability of the coins. These custodians, in turn, must guarantee the safety of client assets and their constant availability.

The regulator notes that properly issued stablecoins pegged to fiat currencies can significantly simplify and speed up cross-border settlements, as well as reduce their cost. Such digital assets are considered a useful tool for the future financial infrastructure, especially in the context of international payments.

David Gil, Executive Director for Payments and Digital Finance at the FCA, said that the agency will actively cooperate with the Bank of England to develop a coordinated approach. According to him, the main goal is to find a balance between stimulating innovation and protecting consumers in the country's not yet fully regulated crypto ecosystem.

A similar position was expressed by Sarah Breeden, Deputy Governor of Financial Stability at the Bank of England. She expressed support for the FCA's proposals and noted that in the future, the central bank will provide additional guidance for market participants working with stablecoins. This should help form uniform standards and increase the level of trust in digital assets.

Recall that earlier in May, UK Chancellor of the Exchequer Rachel Reeves proposed a reform that would subject cryptocurrency platforms to the same regulatory requirements as traditional financial institutions. This was another step towards the formation of a transparent and secure cryptocurrency industry in the country.