UK's approach to regulating systemic payment systems with stablecoins

Just checked out this paper from the Bank of England on how they plan to regulate stablecoins and their services. The main goal is to keep trust in money and payments, which is super important for financial stability. I haven't dived deep into all the legal stuff, but one thing I found intriguing is how the UK and EU see stablecoins differently. Seems like the EU's MiCA is a lot tougher on stablecoins compared to the UK’s new laws.