The Bank of England is launching a consultation on new stablecoin rules that mirror the US approach to fiat-pegged crypto assets.
United Kingdom-based crypto trade association CryptoUK welcomed reports that the Bank of England (BoE) plans to launch a consultation on stablecoin regulation in November, saying alignment with United States policy would strengthen confidence in the country’s digital asset industry.
In comments sent to Cointelegraph, a CryptoUK spokesperson said that matching the US approach to stablecoin oversight would “provide more confidence to the industry” and ensure that the UK “keeps pace” with its global peers.
“Ultimately, it is important that the UK keeps pace with the US and other jurisdictions – the crypto industry is truly global and that means the competitive landscape shifts quickly for our members,” the spokesperson said.