UK to unveil stablecoin regulation consultation on Nov. 10 to keep pace with US: report

The Bank of England is preparing to launch its stablecoin regulatory consultation on November 10, aiming to keep pace with the United States' oversight efforts, according to reports. Deputy Governor Sarah Breeden confirmed the timeline, dismissing concerns that the UK is lagging. The proposed rules will initially target "systemic" stablecoins used widely for payments, while others will fall under the Financial Conduct Authority's lighter regime. The consultation is expected to include temporary usage caps: £20,000 for individuals and £10 million for businesses, a stricter measure justified by the UK's bank-based mortgage market vulnerability to rapid deposit shifts into stablecoins. This move follows other recent UK initiatives to modernize its financial markets using blockchain technology and expand access to digital assets.

(Source：The Block)