Bank of England ready to scrap £20,000 stablecoin ownership cap after backlash
Crypto Briefing
The Bank of England is reconsidering restrictive stablecoin ownership caps following significant industry criticism regarding competitiveness and operational viability.Summary
The Bank of England is moving to revise its proposed stablecoin regulations after facing intense backlash from crypto firms. Deputy Governor Sarah Breeden admitted that initial plans, which included a £20,000 ownership cap for individuals and strict reserve requirements, may have been overly cautious. Industry leaders argued that these measures would stifle innovation and force businesses to move operations offshore. As regulators in the US and EU establish more flexible frameworks, the Bank of England is now exploring alternative approaches to ensure the UK remains competitive while maintaining financial stability.
(Source：Crypto Briefing)