### The UK's Prudential Regulatory Authority (PRA) is planning to propose rules on issuing and holding digital assets, according to a speech by Vicky Saporta, executive director of prudential policy at the Bank of England. 

In the United Kingdom, the Prudential Regulation Authority (PRA) is in charge of the regulation and supervision of all significant financial institutions, including but not limited to banks, building societies, credit unions, insurers, and big investment businesses.

Stablecoins and other digital settlement assets that can threaten financial stability are among the cryptocurrencies that the nation is attempting to clearly regulate. Authorities will have the ability to oversee the industry thanks to the Financial Services and Markets Bill, which is anticipated to become law soon. To make sure that its regulatory approach is thorough and strong, the UK government is now conducting consultations.

According to a footnote that is included in Saporta's speech, new criteria for PRA-regulated companies will be consistent with laws for other industries. The worldwide supervisor of the banking sector, the Basel Committee on Banking Supervision, released a standard in December on how banks should handle crypto exposure. This standard outlines how banks should address their holdings of cryptocurrencies and offers advice on how to create a regulatory framework for them.

The proposed rules from the PRA will likely follow similar principles to those set out by the Basel Committee, and will ensure that PRA-regulated firms are operating safely and securely in the crypto space. This is an important step for the UK's financial industry, which is seeking to balance innovation with stability and consumer protection.

To summarize, the PRA's proposed rules on issuing and holding digital assets, along with the UK government's regulatory approach, will provide much-needed clarity and guidance for the country's financial industry. By adopting coherent and comprehensive standards that are consistent with other sectors, the UK is taking a responsible approach to regulating the crypto sector and ensuring that financial stability is not compromised.






The UK's Prudential Regulatory Authority (PRA) is planning to propose rules on issuing and holding digital assets, according to a speech by Vicky Saporta, executive director of prudential policy at the Bank of England. 

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