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In our article, first published in the December 2020 edition of Butterworths Journal of International Banking and Financial Law, our payments regulation experts Mark Simpson, Julian Hui and Connie Faith highlight some of the additional questions and unintended consequences raised by Supercapital and argue that legislative intervention is required to update the PSRs safeguarding regime.

The European Commission and the Council of the EU have set out the EU’s position on the use of global stablecoins. As expected, whilst they accept that financial innovations can benefit the financial sector, they consider that stablecoins pose many global risks, including, but not limited to, risks to consumers and cybersecurity.