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The UK House of Lords Launches Stablecoin Regulation Inquiry, Seeks Industry Input
BlockBeats News, January 29th - The Financial Services Regulation Committee of the UK House of Lords announced on January 29th that it has officially launched an inquiry into stablecoin growth and the proposed regulatory framework, inviting submissions of written evidence from the public.
This inquiry will focus on:
· The global stablecoin market and issuance developments since 2014, including a comparison between the UK market and the US and EU;
· The future prospects, user base, use cases of a GBP-denominated stablecoin in the UK, and the impact of current regulatory rules;
· The opportunities and risks that stablecoins (GBP- and USD-denominated) bring to the UK economy, financial services industry, and retail users, including their potential implications for monetary policy, traditional financial intermediation, and financial crime;
· The implications of stablecoin development on the statutory objectives of the Bank of England (BoE), Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) in the UK;
· The impact of the proposed regulatory regimes by the Bank of England and FCA on the adoption of systemic and non-systemic stablecoins in the UK and internationally;
· Insights that the UK can draw from stablecoin regulatory experiences in jurisdictions such as the US and EU.
Lady Noakes, Chair of the Committee, stated that this inquiry aims to assess the opportunities and risks that stablecoin growth presents to the UK financial system and broader economy, and to examine whether the proposed regulatory framework by the Bank of England and FCA is "prudent and proportionate." The Committee welcomes submissions of evidence from all institutions and individuals with expertise or interest in this field.
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