The Payments Association Urges Bank of England to ‘Stop Stifling’ Stablecoins in 2026 Manifesto

The Payments Association Urges Bank of England to ‘Stop Stifling’ Stablecoins in 2026 Manifesto

The Payments Association, the commerce physique representing the UK funds trade, has launched its Payments Manifesto 2026, calling on regulators to take away boundaries to digital innovation and demanding better accountability from Big Tech in the fight against fraud.

Launched at the House of Commons, the manifesto—titled Making Britain a Payments Powerhouse—outlines 77 coverage suggestions crowd-sourced from over 150 trade professionals. The doc argues that for the UK to retain its standing as a global chief, funds must be handled as “strategic national infrastructure.”

Unlocking the digital economic system

One of the manifesto’s most forceful suggestions considerations the regulation of digital belongings. The Association explicitly requires the Bank of England to “stop stifling progress” relating to stablecoins, warning that current restrictions danger leaving the UK behind in the global digital finance economic system.

Specific technical calls for embrace the elimination of holding limits on systemic stablecoins, enhancements to the backing belongings ratio, and the lifting of the wholesale ban.

Riccardo Tordera-Ricchi, director of coverage and authorities relations at The Payments Association, commented on the urgency of getting the regime proper: “On inclusion, we must better grasp the opportunities offered by digital money and first get the stablecoins regime right. We are still far from it. But we applaud the government for including financial education in its financial inclusion strategy.”

Big Tech must share the burden

Financial crime stays a top precedence, with the manifesto advocating for a stricter National Fraud Strategy. The commerce physique insists that social media firms and telecommunications suppliers must bear more accountability for decreasing fraud, relatively than the burden falling disproportionately on fee service suppliers.

“We will continue to remain vocal about how big techs can, should and must collaborate with us to reduce fraud,” said Tordera-Ricchi. “We call for the National Fraud Strategy to mandate its share of responsibilities, too.”

Supporting SMEs and Merchants

The manifesto also highlights the regulatory pressures confronted by UK retailers and SMEs. It requires these companies to have a stronger voice in regulatory decision-making to guarantee they’ll innovate and adapt to fashionable fee strategies without being overwhelmed by compliance prices.

Ben Agnew, CEO of The Payments Association, said: “If the UK wants growth, resilience and global leadership, payments must be treated as strategic national infrastructure. We have an opportunity to create a payments infrastructure and outcome-focused regulation that drives UK growth; champions fair access and ensures the UK keeps pace with bold moves in the EU, US and Asia.”

The launch event was hosted by David Burton-Sampson MP, co-chair of the APPG on Open Finance and Payments, and featured an deal with by the Economic Secretary to the Treasury, Lucy Rigby KC, MP, signaling strong political engagement with the sector’s roadmap for 2026.

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