Bloomberg: Bank of England Plans to Introduce Stablecoin Regulation by End of 2026

BlockBeats News, October 18th, according to Bloomberg, the Bank of England is planning to introduce new stablecoin regulations by the end of next year. According to sources, the Bank of England plans to start discussions on stablecoin regulation on November 10th and will support a regulatory system closely aligned with the U.S. rules on stablecoin asset-backed securities. The source stated that despite the tense relationship between the Bank of England and the government on this issue, the Bank of England believes its regulatory framework will keep pace with the U.S. rules implementation.

A source indicated that UK officials plan to implement their regulatory regime by the end of 2026 and will stay closely aligned with U.S. rules, which stipulate that the backed assets must be government debt with an issuance term of three months or less, or bonds with a residual term of three months or less. The source added that the Bank of England also plans to allow a significant amount of assets backing stablecoins to earn interest to attract issuers.

The source mentioned that after industry experts raised concerns that the UK might lag behind other jurisdictions, the UK Treasury pressured the Bank of England to accelerate its plans. A representative of the Bank of England declined to comment.