International regulators are taking their first steps towards supervising stablecoins as the digital assets exert a growing influence on the financial system.
Authorities said in a report on Wednesday that operators of stablecoins, which act as a bridge between national currencies and the cryptocurrency market, should be regulated as financial market infrastructure alongside payment systems and clearing houses. The rules would apply to stablecoins that regulators have decided are systemically-important and had the potential to disrupt payments.
The International Organization of Securities Commissions — an umbrella group for financial regulators, and the Committee on Payments and Market Infrastructures, which is part of the Bank for International Settlements, laid out their global effort to establish oversight of the fast-growing $130bn stablecoin market.
“The payments landscape has undergone rapid transformation in recent…