UK plan for 'systemic' stablecoin issuers includes joint oversight by BOE, FCA
( June 30, 2026, 16:39 GMT | Official Statement) -- MLex Summary: Issuers of systemic stablecoins would be given up to three years to comply with stricter UK regulatory requirements, the Bank of England has proposed in a consultation that explains how firms would transition to a joint supervisory framework with the Financial Conduct Authority. The FCA would oversee conduct and consumer protection, while the BOE would supervise prudential risks. Issuers of systemic stablecoins — those widely used in payments and so posing risks to UK financial stability — would be expected to have direct access to payment systems, hold at least 30 percent of its backing assets at the central bank, safeguard reserves through UK custodians and comply with a temporary £40 billion issuance guardrail. The deadline for consultation responses is Sept. 30.Statement follows. The consultation is attached....
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