The United Kingdom’s central bank is moving toward stablecoin regulation by publishing a consultation paper proposing a regulatory framework for the asset class.

The Bank of England (BoE) on Monday

“The percentage would be reduced to 60% once the stablecoin reaches a scale where this is appropriate to mitigate the risks posed by the stablecoin’s systemic importance without impeding the firm’s viability,” it added.

The BoE noted that His Majesty’s Treasury determines which stablecoin payment systems and service providers are deemed systemically important. Once designated, these systems would fall under the proposed regime and the BoE’s supervision.

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