Our new oversight framework for electronic payment instruments, schemes and arrangements (PISA) will be released for public consultation in the coming weeks and will extend this approach to all relevant actors in the payments market, including the big tech firms.
A properly designed oversight framework is necessary to guarantee competition and innovation in the payments market, while limiting the risks that new products and new players may generate. To avoid regulatory arbitrage and ensure a level playing field, it is critical that issuers and service providers of significant stablecoins are also regulated, supervised and overseen at European level.