Response on joint regulation of systemic stablecoin issuers

Bitcoin Policy UK responded to the Bank of England and Financial Conduct Authority's joint approach document, published on 30 June 2026, on how they will regulate systemic stablecoin issuers. Once HM Treasury recognises an issuer as systemic, it comes under the supervision of both regulators. The response notes that stablecoins are a different asset from Bitcoin, but says the framework matters because it forms part of the regulatory environment in which UK Bitcoin businesses also operate. It supports a coordinated regime and asks the regulators to name a lead point of contact for each area where both rulebooks apply, to send a single joint request when they need the same documents, and for the FCA to publish a timetable for deciding which of its rules will stop applying.

Most of the response deals with the move into joint supervision. It supports the Bank's use of a Power of Direction to give firms a transition period, typically 12 to 36 months, and asks for clear criteria on when that relief applies, how the 24-hour redemption rule works before an issuer has direct payment system access, and a worked example of how a smaller firm could use the mobilisation or scaling stages. It also asks the Bank and FCA to confirm that the regime applies to identifiable firms that can be supervised, and not to open source protocols, non-custodial wallets where people hold their own Bitcoin, node operators or Lightning routing, where no central entity is in control.