The UK banking regulator will propose rules on the issuance and holding of cryptocurrency

It is reported that Vicky Saporta, Executive Director of Prudential Policy of the Bank of England, said in a speech on Monday that the Prudential Regulatory Authority (PRA), which is responsible for supervising British banks, is planning to propose rules on the issuance and holding of digital assets. The UK is trying to strengthen its attitude towards cryptocurrencies, including stable currencies and other digital settlement assets that may pose risks to financial stability. Once the Financial Services and Markets Act becomes law, the authorities will have the right to regulate the industry, and the British government is currently consulting on its regulatory methods. According to the speech text, the new standards of companies regulated by PRA will be consistent with the rules of other industries.

Interpretation of this information:

The Bank of England is set to propose rules on the issuance and holding of digital assets to regulate the cryptocurrency industry, according to Vicky Saporta, Executive Director of Prudential Policy. This move is in response to the UK government’s effort to strengthen its stance on cryptocurrencies, particularly stable currencies and other digital settlement assets that could threaten financial stability. Once the Financial Services and Markets Act becomes law, the authorities will have the power to regulate the cryptocurrency industry, and the government is currently seeking input on how best to do so. Companies regulated by the PRA will be held to the same standards as those in other industries.