.hmtreasury has published a consultation paper that recommends new safeguards around stablecoins. Reporting by oknightcrypto.
The proposal follows the collapse of algorithmic stablecoin TerraUSD , whichThe government recommends changing existing legislation to give the Bank of England power to appoint administrators to oversee insolvency arrangements with failed stablecoin issuers.
“Since the initial commitment to regulate certain types of stablecoins, events in cryptoasset markets have further highlighted the need for appropriate regulation to help mitigate consumer, market integrity and financial stability risks,” the Treasury said in its proposal, which will be considered by Parliament when time allows.
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