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Authorities said in a report on Wednesday that operators of stablecoins, which act as a bridge between national currencies and the cryptocurrency market, should be regulated as financial market infrastructure alongside payment systems and clearing houses. The rules would apply to stablecoins that regulators have decided are systemically-important and had the potential to disrupt payments.
A separate report from the BIS last week suggested that private digital assets could coexist with potential central bank digital currencies but significant stablecoin adoption could lead to fragmentation and “excessive market power”. The consultation on Wednesday’s proposed framework will last eight weeks. The CPMI and Iosco may work with other standard-setting bodies to cover any gaps in the regulation.
https://www.ft.com/content/ca3aa122-e1f3-464a-8a78-032e0675c57a
