We agree with the general aim of this report, notably that of applying the current principles for financial markets infrastructures (PFMI) to systemically important stablecoin arrangements (SAs) without creating additional standards for SAs.
The European Banking Federation (EBF) has responded to the joint
consultation from the Committee on Payments and Markets Infrastructure
(CPMI) and the International Organisation of Securities Commissions
(IOSCO) on the Application of the Principles for Financial Markets
Infrastructures to stablecoin arrangements.
We agree with the general aim of this report, notably that of
applying the current principles for financial markets infrastructures
(PFMI) to systemically important stablecoin arrangements (SAs) without
creating additional standards for SAs. The financial market continues to
evolve as new products and technology continue to impact the way
consumers transact and save. Undertaking a holistic approach to
regulation that is principles based and technology neutral will help
promote financial stability and, at the same time, foster innovation in
financial services, better serve customers and ensure the flexibility to
adapt to an evolving market. However, the potential vulnerabilities and
risk arising from SAs should not be neglected and be properly
addressed.
Establishing a “level playing field” that applies to all stages of
the stablecoin ecosystem will promote innovation and safely open up new
services for businesses and consumers.
EBF
© EBF
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