The Bank of England plans to exempt companies from proposed limits on stablecoin holdings, signalling a softening of its stance towards crypto assets in the face of US competition.
The Bank of England intends to grant exemptions to companies such as cryptocurrency exchanges that need to hold large amounts of stablecoins, and also allow companies to settle in stablecoins in an experimental digital securities sandbox, according to people familiar with the matter, in a sign that Governor Andrew Bailey's scepticism was easing, although the BoE declined to comment. The digital payments industry is concerned that the UK will struggle to compete with the US Genius Act, and the BoE plans to set a cap on personal and corporate stablecoin holdings, which is expected to be outlined in a consultation paper before the end of the year. Bailey has previously rejected stablecoins and digital pound projects, and this exemption is seen as a major shift.
The Bank of England plans to exempt companies from proposed restrictions on stablecoin holdings
2025-10-08 00:52:32
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