According to CoinDesk, the Bank of England has revealed its plans to regulate stablecoins that could pose a risk to the financial system in a discussion paper published on Monday. The bank will be regulating these systemic stablecoins and their issuers. The Financial Conduct Authority (FCA) will oversee the crypto sector, including stablecoin providers, as announced by the U.K. government last week. Legislation for fiat-backed stablecoins will be introduced early next year. This is a developing story and will be updated.