According to the Financial Times, cryptocurrency institutions are calling on the Bank of England to drop plans to limit stablecoin holdings, which would make the U.K. more tightly regulated than the U.S. or the European Union.
The Bank of England plans to impose holding limits on all systemic stablecoins: 10,000 to 20,000 pounds for individuals and 10 million pounds for businesses. The central bank is concerned that these tokens could weaken the banking system by draining bank deposits.
Tom Duff Gordon, vice president of international policy at Coinbase, said: "Putting a cap on stablecoins is bad for UK savers, the City, and the pound sterling, and no other major jurisdiction sees the need to implement a cap." Simon Jennings, executive director of the UK Crypto Asset Business Council, pointed out that stablecoin issuers cannot know the identity of token holders in real time, and enforcing the cap requires expensive and complex new systems.
The Bank of England plans to limit stablecoin holdings, which is strongly opposed by cryptocurrency institutions
2025-09-15 04:06:00
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