.svg)
.svg)
%20(1).svg)
%20(1).svg)
.svg)
Sasha Mills
Executive Director of Financial Market Infrastructure
Bank of England
Sasha Mills is Executive Director of Financial Market Infrastructure. Sasha advances our work to protect the UK economy by keeping the backbone of the financial system secure reliable. This work ensures enhancing the stability resilience of FMIs through risk-based, forward looking supervision. She also provides intellectual and policy leadership to both the international and domestic regulation of payments and stablecoins, and to the development of international policy on the role of margin. Sasha represents the Bank on the CPMI (Committee on Payments and Market Infrastructures) and CPMI IOSCO (International Organization of Securities Commissions) and related international groups.
Previously she was the Executive Director of the Resolution Directorate, and led the Resolution Directorate’s important agenda since 2018. She was responsible for advancing the Bank’s work on making sure the financial system is stable, ensuring UK banks, building societies, investment firms and central counterparties can be placed in resolution if they fail. She was responsible for overseeing supported the recent successful delivery of the Bank’s first assessment of the major UK banks’ resolvability under the Resolution Assessment Framework, a significant policy and legislative agenda, and senior cross border resolution exercises. Sasha has been a leading member of FSB ResG and chair establishment of its banking subcommittee.
Sasha joined the Resolution Directorate from our Prudential Policy Directorate, where she was Director of Cross Cutting and Insurance Policy. There she was responsible for policy that affects banks and insurers including structural reform; accounting and the capital framework; governance and individual accountability; disclosure; and policy strategy and implementation.
Sasha has extensive experience in regulation and central banking. She brings over thirty years of knowledge and understanding of financial markets to her role and has supervised some of the UK’s most systemically important firms.
Sasha takes a leading role n equity, diversity nd inclusion issues and, having spent a significant part of her career working part-time, she is an advocate of flexible working.
Speaking At
-
11:30am–1:00pmTue 17 NovPublic-Private RoundtableRoundtable Room 3Invite-Only
Tokenized Market Infrastructure – The Scaling Challenge
Multi-Issuance and Its Alternatives: Making Cross-Border Stablecoin Recognition Work
-
Aymeric SalleyHead of Digital Assets PlatformBanking Circle
-
Chengyi OngDirector of Policy & Regulatory Strategy, APACCircle
-
Jesse McWatersEVP, Head of Global PolicyMastercard
-
Jonah CraneHead of Global Regulatory & Policy StrategyStripe
-
June LauAPAC Head of Policy & Regulatory AffairsElliptic
-
Lesley ChavkinHead of PolicyRibbit Capital
-
Peter KerstensAdvisor, DG FISMAEuropean Commission
-
Rahul AdvaniGlobal Co-Head of PolicyRipple
-
Sasha MillsExecutive Director of Financial Market InfrastructureBank of England
-
Jannah PatchayExecutive in Residence & Board MemberGlobal Digital FinanceModerator
About this session
The GDF Global Stablecoin Regulatory Playbook, published in January 2026, set out shared terminology and outcome-based principles for stablecoin regulation across jurisdictions. The subsequent report ‘Global Stablecoin Regulatory Frameworks: Closing the Gap’ drawn from insights at the Point Zero Forum in June 2026 took this work a step further. It mapped where regulators already agree and isolated the one problem that domestic frameworks were never designed to solve: how a stablecoin issued under one jurisdiction's rules can circulate safely under another's.
The report framed two models for scaling beyond domestic rules. The first keeps issuance local while seeking to preserve a unified token, through multiple licensed entities issuing a fungible stablecoin under comparable standards. The second permits a foreign-issued stablecoin to operate through recognition based on comparable, rather than identical, regulatory outcomes. It also recorded differing regulatory perspectives on the perceived risk associated with multi-issuance, particularly correlated redemption pressure and the resilience of a stablecoin’s fungibility under stress.
The roundtable convenes policymakers, global standard-setters and industry leaders to examine how these models could operate in practice. When is multi-issuance necessary to meet host-jurisdiction objectives? When can unilateral or mutual recognition provide sufficient safeguards? Where a combination of the two is appropriate, how should responsibility for reserves, redemption, supervision and crisis management be allocated? The session will focus on the conditions needed to make each approach workable while preserving fungibility and avoiding unnecessary regulatory fragmentation.
-
