The UK House of Commons Financial Services Regulation Committee is holding a hearing on stablecoin regulation and reviewing the adequacy of proposals presented by the central bank and financial authorities, Cointelegraph reported on Wednesday.
The inquiry will focus on the impact of stablecoins on the traditional financial system, as well as opportunities and risk factors. UK financial authorities stressed that stablecoin regulation will be a key task in 2026.
The Bank of England (BoE), the UK's central bank, is working with the Financial Conduct Authority (FCA) to draw up stablecoin rules and plans to manage stablecoins to the same standards as existing currency. Sasha Mills (사샤 밀스), head of financial market infrastructure at the BoE, said it plans to provide bank deposit accounts to systemic stablecoins and set up liquidity facilities for issuers.
The BoE is requiring stablecoin issuers to hold 40 percent of total reserves as bank deposits. The FCA is also preparing regulatory proposals for the crypto market, and the final plan, including 10 items, is scheduled to take effect in October 2027.
Chi-gyu Hwang
delight@d-today.co.kr