Bank of England: Will Align Stablecoin Regulation with the United States
According to ChainCatcher, Bank of England Deputy Governor Sarah Breeden stated that the UK government plans to stay in sync with the US on stablecoin regulation, emphasizing that coordinating rules between the two countries in this approximately $310 billion industry is "crucial." Speaking at the SALT conference in London, she noted that the UK will implement a stablecoin regulatory framework "as quickly as the US" in response to concerns that the UK is lagging behind the US.
Breeden revealed that the Bank of England will release a stablecoin regulatory consultation paper on November 10 and is maintaining communication with US regulatory agencies. This move continues the outcomes of the September meeting between UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent, during which both sides agreed to strengthen regulatory coordination in the fields of cryptocurrency and stablecoins.
Previously, several UK crypto industry organizations criticized the regulatory environment as being overly conservative, arguing that this has caused the country to fall behind in innovation and policy. In addition, the Canadian government also announced a stablecoin regulatory plan this week, requiring fiat-backed issuers to maintain adequate reserves and establish risk management systems.
At the institutional level, organizations such as Western Union, SWIFT, MoneyGram, and Zelle have recently announced the integration of stablecoin solutions. The US Treasury estimates that the stablecoin market size will grow from the current $310 billion to $2 trillion by 2028.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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