The post Bank of England to Regulate Stablecoins in the UK! appeared first on Coinpedia Fintech News
The Bank of England has announced its plans to regulate stablecoins that could potentially pose a risk to the financial system. In a discussion paper published on Monday, the central bank stated that it would be regulating these systemic stablecoins and their issuers. The UK government has also said that the Financial Conduct Authority (FCA) will oversee the crypto sector, including stablecoin providers. Legislation for fiat-backed stablecoins is expected to be introduced in early 2022. These regulatory measures aim to provide greater consumer protection and prevent stablecoins from disrupting the financial stability of the UK.