The UK House of Lords Financial Services Regulatory Committee has launched an inquiry into stablecoin expansion and oversight, currently soliciting public feedback. Their examination focuses on the evolution of the worldwide stablecoin landscape, prospects for sterling-denominated stablecoins, and potential impacts on Britain's economic and financial systems. Moreover, they're evaluating whether regulatory frameworks proposed by the Bank of England and FCA are truly fit for purpose. Committee Chair Baroness Noakes believes understanding both the opportunities and threats posed by stablecoins remains essential. Consequently, they're inviting industry specialists and interested parties to contribute their perspectives on these critical matters.
PANews reported on January 29th that the UK House of Lords Financial Services Regulatory Committee has launched an investigation into the growth of stablecoins and proposed regulations, and is now soliciting opinions and evidence. The investigation will focus on the development of the global stablecoin market, the future trends of pound-denominated stablecoins, the potential impact of stablecoins on the UK economy and financial services, and the applicability of the proposed regulatory framework from the Bank of England and the Financial Conduct Authority (FCA).
Committee Chair Baroness Noakes, DBE, stated that the investigation aims to assess the opportunities and risks posed by the growth of stablecoins and to explore whether the regulatory framework proposed by the Bank of England and the FCA can effectively address these changes. Experts and interested parties in the field are welcome to submit their opinions.
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