British authorities develop measures to protect against a new collapse of stablecoins

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UK Treasuryplans to authorize the Financial Market Infrastructure Supervisory Service (FMI SAR) control the safe return of funds in the event of a collapse of stable coins.

Her Majesty's Treasury (British Treasury) has proposed
a new set of regulatory changes for the industrystablecoins. The report highlights the importance of this type of digital asset in innovation and notes the ability to influence financial stability in the event of system failures.

The Treasury proposed making a controlledTo the Bank of England, the FMI SAR is the primary authority to address potential systemic failure for stablecoin issuers, digital wallet providers and third-party payment processors. It is proposed to expand the authority of the organization to oversee the timely return or transfer of customer funds in the event of bankruptcy of the issuer of digital assets.

The Treasury believes that the Bank of EnglandGreater authority should be given to manage administrators and create rules in support of FMI SAR. The Treasury argues that expanding the authority for FMI SAR would allow it to quickly respond to requests from users who have lost access to funds, as well as ensure the continuity of this work.

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Earlier it became known that the British Ministry of Finance is developing a plan for legislative initiatives that should make the UK a leader in the technology and innovation market.

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