Christopher Woolard, Executive Director of Strategy and Competition, spoke at the Cambridge Centre for Alternative Finance annual conference about the challenges and considerations surrounding stablecoins and other cryptoassets. He highlighted the importance of early engagement with innovative firms to gain a better understanding of the rapidly changing landscape. Woolard emphasized that the term “stablecoin” is not a distinct category of cryptoassets and that it could fall within or outside of regulatory categories. He discussed the need for thorough analysis of different cryptoassets and the potential impact on consumers, market integrity, and stability. Woolard also stressed the importance of asking the right questions and conducting due diligence before launching new products or services in the financial services sector. He encouraged firms to apply for support services such as the regulatory Sandbox and highlighted the benefits of collaboration and international coordination among regulators. Woolard concluded by emphasizing the need to look beyond the hype and consider the substance and aim of cryptoassets in order to address policy questions and protect consumers, competition, and market integrity.
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