Matthew Long, Director of Payments and Digital Assets at the Financial Conduct Authority (FCA) in the UK, stated that the country's financial regulators will not deviate from their tough stance on cryptocurrencies when regulating stablecoins under proposed rules. Long said, "Ultimately, we will set standards, those that meet the standards will be allowed in, those that don't won't, and we won't apologize for having those high standards." Long explained that in order to regulate stablecoins in the country, the FCA will work with the Bank of England (the UK's central bank) to develop strict standards for stablecoin issuers. The FCA will observe the market and pay attention to the emergence of "systemic" stablecoins that are widely used, and the two regulatory bodies plan to reach a formal agreement on their respective roles.