Thượng viện Anh chỉ trích các đề xuất quy định stablecoin vì tính cạnh tranh yếu kém

The UK House of Lords Financial Services Regulatory Committee’s report, “Stablecoins: Waiting for Regulation,” states that the global stablecoin market cap has exceeded $310 billion, but the UK pound-stablecoin market remains in its early stages, with regulatory framework development significantly lagging behind the United States (GENIUS Act) and the European Union (MiCA). The report criticizes several aspects of the current regulatory proposals by the UK Financial Conduct Authority (FCA) and the Bank of England, including: • The Bank of England’s requirement that systemic stablecoin issuers hold at least 40% of reserve assets in non-interest-bearing central bank deposits—an industry view that this would severely harm issuers’ profitability and the international competitiveness of the UK market; • The proposed holding limits (GBP 20,000 for individuals, GBP 10 million for corporations), deemed operationally impractical and potentially stifling to the development of the pound-stablecoin market; • The T+1 redemption requirement, which would impose substantial operational burdens on issuers; • The Prudential Regulation Authority’s (PRA) restriction on deposit-taking institutions issuing stablecoins under independent brands, considered overly stringent. The report also acknowledges the Bank of England’s proposed liquidity support lending mechanism as an innovative regulatory initiative surpassing other major jurisdictions. The committee urges regulators to strictly adhere to the established timeline to ensure the full regulatory framework takes effect on October 25, 2027, and recommends adopting a principles-based, technology-neutral regulatory approach to achieve a balanced outcome between financial stability and market innovation.