The UK's central bank called for regulatory clarity on crypto and reiterated its expectations for stablecoins in its latest financial stability report.
Crypto does not pose an immediate risk to the financial system but must be addressed, according to the UK’s central bank.activity in the crypto market must be addressed as the industry continues to grow.
In particular, the report pointed to the sharp drop-off in the market's value — which fell below $1 trillion in June from a high of $3 trillion in November. The FPC said that several vulnerabilities, with similarities to previous episodes in traditional finance, were exposed during this decline. While the report went on to say that these risks did not pose a threat to the stability of the broader financial markets, it did call for greater regulatory clarity as the industry develops.
Stablecoins were then singled out as requiring additional regulation, as"some stablecoins held to be used for payments may not offer similar protections to central bank or commercial bank money."in May as TerraUSD – the third-largest — lost its peg to the US dollar, destroying more than $40 billion in value.
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