The UK-based cryptocurrency industry association CryptoUK welcomed reports that the Bank of England (BoE) plans to launch a consultation on stablecoin regulation in November, stating that aligning with US policy will enhance confidence in the country's digital asset industry.
A spokesperson for CryptoUK commented in a statement to Cointelegraph that aligning with the US approach to stablecoin regulation will "provide more confidence for the industry" and ensure that the UK "stays in sync" with global counterparts.
"Ultimately, it is very important for the UK to stay in sync with the US and other jurisdictions—the cryptocurrency industry is truly globalized, which means the competitive landscape our members face is changing rapidly," the spokesperson said.
The organization added that the cryptocurrency industry has benefited from a "regulatory tailwind from the US," alluding to the more proactive push in the US under the GENIUS Act to bring stablecoins into mainstream finance.
On October 18, Bloomberg reported that the Bank of England (BoE) plans to establish new stablecoin regulatory rules by the end of 2026.
According to the report, the central bank plans to launch the consultation on November 10 and propose a framework that is highly similar to US rules.
Bloomberg cited anonymous sources stating that the BoE wants to ensure that the UK's regulatory framework is aligned with the US, as US policymakers are advancing stablecoin legislation.
This means that the upcoming rules may require issuers to hold government bonds or notes, in line with US standards.
This move comes under pressure from the UK Treasury, which reportedly urged the central bank to act swiftly, fearing that the country could lose its competitive edge against other jurisdictions.
BoE Governor Andrew Bailey recently acknowledged the potential role of stablecoins in modern payments.
On October 1, Bailey wrote in a Financial Times column that stablecoins could reduce the UK's reliance on commercial banks, marking a shift in the bank's stance on digital assets.
The push for a stablecoin framework comes after the UK financial sector as a whole has shifted towards a more cryptocurrency-friendly environment.
On October 9, the Financial Conduct Authority (FCA) lifted a four-year ban on cryptocurrency exchange-traded notes (ETNs), allowing investors to gain exposure to digital assets through regulated venues like the London Stock Exchange.
Following this move, asset management firm BlackRock launched its Bitcoin exchange-traded product (ETP) in the UK.
Additionally, the FCA has authorized asset management firms to use blockchain for fund tokenization. This aligns with the government's vision of making the UK a hub for tokenized finance.
These developments indicate that the UK is gradually moving towards an innovation-friendly and regulated model, competing with other jurisdictions to attract cryptocurrency capital.
Related: Opinion: The rapid rise of cryptocurrency could make or break Africa
Original: “Keep Up or Fall Behind: CryptoUK Says Aligning with US Rules is Key to UK Crypto Revival”
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