The bankofengland's Prudential Regulatory Authority plans on releasing rules on issuing and holding crypto. camomileshumba reports
The country is trying to firm up its approach on crypto, including stablecoins and other digital settlement assets that could pose a risk to financial stability. Once the Financial Services and Markets Bill becomes law, authorities will have powers to regulate the sector. The U.K. government is currently consulting on its regulatory approach.
New standards for PRA-regulated firms will be coherent with rules for other sectors, according to a footnote accompanying the text of the speech. The Basel Committee on Banking Supervision, the banking industry's global regulator, published a standard on how banks should treat crypto exposure in December.
CORRECTION : Corrects the dek to say the U.K. government released the consultation, not the banking regulator.
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