- The new rules will affect stablecoins, as well as the circulation and storage of cryptocurrencies
- So, for example, banks will be able to use only up to 1% of their capital for operations with the target audience
Yesterday, February 27, Executive Director of the Prudential Policy Authority (PRA) Vicky Saporta spoke at the Bank of England. Among other things, she statedthat the regulator intends to unify the rules in the cryptocurrency industry.
The PRA recommendations are based on two regulations – Basel III from the Basel Committee on Banking Supervision and FSM (Finance Markets and Services Bill).
Speaking of the latter, earlier this year the bill passed its second reading in the House of Lords. And although it is primarily aimed at the economic development of the country, it also directly relates to cryptocurrencies.
According to Saport, the development of new rules will simultaneously eliminate confusion and accelerate the development of the financial cluster. As for the first, the EU norms really apply in the country, although the UK left the union three years ago.
But what about cryptocurrencies? Saporta claims that the regulator intends to promote the implementation of Basel 3.1 when it is finalized. Among other things, this document requires banks to use no more than 1% of their capital for cryptocurrency transactions, and even with a premium of 1250%.
PRA also insists on extending the rules of the Central Bank to stablecoins. But how exactly this will affect this type of digital assets is not yet clear.
Rumors about a new law in this segment were circulating at the end of last spring. As in some other countries, here the collapse of the UST will affect the shift in the regulatory field.
