According to CoinDesk, the Bank of England released a discussion paper sharing its plans to regulate stablecoins that may pose risks to the financial system. The Bank of England will regulate these systemic stablecoins and their issuers.
The UK government said last week that the Financial Conduct Authority (FCA) will regulate the cryptocurrency sector, including stablecoin providers, and that legislation for fiat-backed stablecoins will be introduced early next year.
