Regulating payment systems and service providers in the UK and EU

This chapter outlines and critically assesses the institutional structure for regulating and supervising payment systems, PSPs and other service providers at the national level (UK) and regional level (EU). It provides an account of the numerous changes to remits, mandates, and powers of the regulatory authorities in these jurisdictions and the applicable prudential and conduct-of-business standards. At the UK level, it includes a discussion of the government’s National Payments Vision and the regulation of qualifying stablecoins as money-like instruments. At the EU level, it considers proposals to modernise payment systems and meet the commitments outlined in the Commission’s 2020 Retail Payments Strategy, as well as the implications of the Markets in Crypto Assets Regulation on the use of cryptoassets as a means of payment.