The Treasury wants to empower the Financial Market Infrastructure Special Administration Regime to oversee the safe return of customer funds in the event of a stablecoin collapse.
In a new consultation paper published on Tuesday, the Treasury of the United Kingdom proposed a new set of regulatory changes for the stablecoin industry. In its report, the Treasury highlighted the importance of stablecoins in innovation but also noted their ability to impact financial stability should systemic failures occur. Specifically, the Treasury called for: The appointment of the country’s Financial Market Infrastructure Special Administration Regime (FMI SAR) as the primary entity to address the potential systemic failure of digital settlement asset (DSA) firms. DSAs include, but are not limited to, stablecoin issuers, wallet providers and third-party payment providers.The expansion of the FMI SAR’s mandate to include and oversee the
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