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UK Banking Regulator to Propose Rules on Issuing, Holding Crypto
The U.K. government recently released a consultation on regulating the industry and a potential central bank digital currency.
Updated Feb 28, 2023, 8:50 a.m. Published Feb 27, 2023, 5:23 p.m.
The Prudential Regulation Authority (PRA), which regulates banks in the U.K., is planning to propose rules on issuing and holding digital assets, Vicky Saporta, executive director of prudential policy at the Bank of England, said in a speech Monday.
The country is trying to firm up its approach on crypto, including stablecoins and other digital settlement assets that could pose a risk to financial stability. Once the Financial Services and Markets Bill becomes law, authorities will have powers to regulate the sector. The U.K. government is currently consulting on its regulatory approach.
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New standards for PRA-regulated firms will be coherent with rules for other sectors, according to a footnote accompanying the text of the speech. The Basel Committee on Banking Supervision, the banking industry's global regulator, published a standard on how banks should treat crypto exposure in December.
CORRECTION (Feb. 27 17:30 UTC): Corrects the dek to say the U.K. government released the consultation, not the banking regulator.
CORRECTION (Feb. 28 08:50 UTC): Corrects the name of Prudential Regulation Authority in opening paragraph.
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What to know:
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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