After Terra debacle UK calls for new stablecoin regulation

The UK Department of Treasury and Trade (HM Treasury) has published a consultation paper on adapting crypto regulation .

“Events in the crypto markets” have “further highlighted the need for proper regulation to mitigate risks to consumers, market integrity and financial stability.”

The ministry is likely alluding to the recent crash of the stablecoin network Terra.

According to the consultation paper, “the government is committed to bringing the UK financial services sector to the forefront of cryptoasset technology and innovation.”

Accordingly, a “graded and proportionate approach that takes into account the risks and reacts to new developments on the market” is sought.

First in focus: stablecoins, “because they have the potential to become a widespread means of payment”.

The aim is to create a framework to ensure “that issuers and service providers of stablecoins used as a means of payment can safely operate and grow in the UK”.

At the same time, consumers should also be better protected.

"However, the Government also considers it necessary that appropriate and proportionate tools are in place to mitigate the financial stability issues that may arise when a company that has reached systemic size fails," the ministry said.

The corresponding stablecoin issuers should be able to fall back on insolvency regulations in the event of insolvency.

The Bank of England is to receive correspondingly more supervisory powers.

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