I don't know anything about English law, but this seems like just a proposal.

"A new proposal would give England's central bank regulatory oversight over stablecoin issuers should they pose a risk to financial stability."

Proposal added above. Thanks!

Once the BOE start regulating Stablecoins, there will be nothing to regulate.

"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"