Bank of England will get more power in regulating stablecoins

The United Kingdom government could rebalance the power between the Bank of England (BoE) and the country’s principal financial regulator, the Financial Conduct Authority (FCA), in the former’s favor, according to a 40-page consultation response published by His Majesty’s Treasury on Aug. 7.

The British government launched the consultation under the headline “Payments Regulation and the Systemic Perimeter” in 2022 to get market proposals on reforming the BoE payments perimeter, given the evolution of financial stability risks.

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