The Bank of England will release its long-anticipated consultation on stablecoin regulation on November 10, Deputy Governor Sarah Breeden confirmed. She dismissed claims that the UK lags behind the U.S. in crypto oversight, saying new rules will take effect “just as quickly.”
The initial framework will cover only “systemic” stablecoins — those widely used for payments — while others remain under the Financial Conduct Authority’s lighter regime. Proposed limits include £20,000 for individuals and £10 million for businesses. Breeden said the stricter caps reflect the UK’s bank-dependent mortgage market, which could face liquidity risks if deposits flow into stablecoins.
The initiative follows the UK government’s efforts to remain competitive globally, including appointing a “digital markets champion” and ending the retail ban on crypto exchange-traded notes.
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