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Managing the failure of systemic digital settlement asset firms consultation – HMT

The Payments Association welcomes the opportunity to contribute to the ‘Managing the failure of systemic digital settlement asset (including stablecoin) firms’ Consultation by HM Treasury.

The community’s response contained in this paper reflects views expressed by our members and industry experts recommended by them who have been interviewed and who are referenced below. As The Payment Association’s membership includes a wide range of companies from across the payments value chain, and diverse viewpoints across all job roles, this response cannot and does not claim to fully represent the views of all members.

We are grateful to the contributors to this response, which has been drafted by Robert Courtneidge, The Payment Association’s policy advisor. We would also like to express our thanks to HMT for their continuing openness in these discussions. We hope it advances our collective efforts to ensure that the UK’s payments industry continues to be progressive, world-leading and secure, and effective at serving the needs of everyone who pays and gets paid.