BIS and Iosco agree 'same risk, same rules' principles for systemic stablecoins

finextra.com:

Although not currently considered a major threat to the traditional financial system, the regulators observe that such events could become systemic in the future, especially given the strong growth in these markets and the increasing linkages between cryptoassets and with traditional finance.Sir Jon Cunliffe, chair of the CPMI and deputy governor for financial stability at the Bank of England, comments: "Our risk management, governance and transparency standards for existing financial market infrastructures are stringent.

We expect the same level of robustness and strength in these aspects in systemically important stablecoin arrangements."The final guidance provides further clarifications with respect to, the applicability of the the Principles for Financial Market Infrastructures to stablecoin arrangements, determination of systemic importance of a stablecoin arrangement, and settlement finality.The CPMI and Iosco says they will continue to examine regulatory, supervisory and oversight issues associated with stablecoin arrangements and coordinate with other standard-setting bodies.