Regulation · Instrument · United Kingdom · Guidance · Bank of England
Bank of England and FCA approach to joint regulation of systemic stablecoin issuers
Joint Bank of England and FCA document setting out who leads on what once HM Treasury recognises a stablecoin issuer as systemic, and how issuers move from FCA-only to joint regulation.
Final, not yet in force · part of Bank of England regime for sterling-denominated systemic stablecoins
Key points
- The FCA leads on conduct, admissions and disclosures, market abuse, senior managers, financial crime and complaints; the Bank leads on backing assets, capital, safeguarding, failure arrangements and the issuance guardrail; operational resilience and governance overlap.[1]
- The Bank may agree a transition period case by case and use its power of direction under section 191 of the Banking Act 2009 to waive or modify Code requirements during it.[1]
- Issuers remain regulated by the FCA whether or not they are recognised or designated.[1]
- The paper also consulted on how the Bank would apply its rules to an issuer during transition after HM Treasury recognises it as systemic; that consultation closed on 30 September 2026.[1]
Timeline
- 30 Jun 2026 · FinalPublished.[1]
- 30 Sep 2026 · Consultation closedConsultation on the Bank's transition approach closes.[1]
Deployments operating under it
None recorded with a source yet.
Sources
- [1]Bank of England and Financial Conduct Authority's approach to joint regulation of systemic stablecoin issuers — Bank of England, 30 Jun 2026. Accessed 12 Oct 2026.A