Bank of England Governor Andrew Bailey (앤드류 베일리) said efforts to establish common international standards for stablecoins are moving too slowly and urged countries to align their regulations.

Cryptopolitan, a blockchain media outlet, reported on April 15 that Bailey said at an Institute of International Finance event that discussions on global stablecoin standards had slowed over the past year.

Bailey said that even as stablecoins move deeper into the global financial system, work to establish common norms is progressing slowly. He said stablecoins can work only if users believe they can be redeemed in full at any time, describing this as “assured value.” He said, “We need international standards to underpin assured value,” and added, “There cannot be a situation where different rules apply in each country.”

The remarks came as Britain and the United States each move to build their domestic regulatory frameworks. The U.S. Treasury has put forward draft rules under the Genius Act that would impose strong sanctions compliance obligations on stablecoin issuers. On April 8, the Financial Crimes Enforcement Network and the Office of Foreign Assets Control released a joint proposal outlining a plan to apply illicit finance blocking obligations to issuers of permitted payment stablecoins.

If the Genius Act framework becomes fully operational from January 2027, issuers must have anti-money laundering, counter-terrorist financing and sanctions compliance systems at the same level as other U.S. financial institutions. That includes operating a compliance programme under executive oversight, assessing financial crime risks, risk-based customer due diligence, appointing responsible officers, employee training, and independent audits and reviews.

Debate also continues in South Korea over the design of a stablecoin regime. Lawmakers and Bank of Korea officials are at odds over whether stablecoin issuance should be allowed for technology companies or limited to banks. In this situation, Circle CEO Jeremy Allaire (제레미 얼레어) said in Seoul that there are no plans to launch a won-pegged digital token immediately.

He said he would be willing to obtain a licence and establish a branch in South Korea if a legal entry path is created. He also said he could technically support local companies in issuing stablecoins if regulations permit it. Legislation for won-linked stablecoins was a presidential election pledge by President Lee Jae-myung (이재명), but it is facing opposition from the banking sector and the Bank of Korea.