The Bank of England has promised to keep pace with the US in regulating stablecoins

Bank of England Deputy Governor Sarah Breeden announced the UK government's intention to align its stablecoin regulations with those of the United States. With the industry's market capitalization growing to $310 billion, Breeden emphasized the importance of joint efforts between allies in this area.

Rapid Implementation of the Regulatory Framework

Speaking at the SALT conference in London, Breeden noted that the UK intends to implement a regulatory framework for stablecoins "as quickly as the US." This statement was made in response to concerns that the country could lag in regulation, especially following the passage of the landmark GENIUS Act in the US in July.

Breeden confirmed that UK regulators are actively negotiating with US authorities. The Bank of England is preparing to publish its consultation paper on stablecoins on November 10, which will be an important step toward creating a clear regulatory framework.

Cooperation with the US

"I've spoken to the Federal Reserve. Regulators across the pond and our Treasuries are working together," Breeden noted. These words underscore the desire for closer cooperation between the two countries in regulating cryptocurrencies and stablecoins.

These statements also build on the momentum generated by the meeting between UK Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary Scott Bessent in September. At that meeting, both sides agreed to strengthen coordination on cryptocurrency and stablecoin activities.

Criticism and Challenges for the Bank of England

However, the Bank of England has faced criticism from lobby groups after proposing to limit stablecoin ownership by individuals to between £10,000 and £20,000 (approximately $13,050 - $26,100). Critics argue that implementing this measure would be complex and costly.

Stablecoin Regulation in Canada

Not only the UK, but Canada is also planning steps to regulate stablecoins. Last Tuesday, the Canadian government unveiled a plan aimed at creating a clear regulatory framework for this rapidly developing field.

In conclusion

Thus, both the UK and Canada are striving to keep pace with the US in terms of stablecoin regulation, highlighting the importance of international cooperation in this area. The cryptocurrency industry is evolving daily, so it's always important to stay up-to-date with the latest news to stay on top of the latest developments in the crypto industry.