The UK is charging ahead with its plans to regulate stablecoins, with the Bank of England set to publish its consultation on November 10.
Pushing back against claims that Britain is falling behind the US, Deputy Governor Sarah Breeden stated the new regime will be ready “just as quickly.”
Key details of the proposal include:
- A two-tier system, with the BoE overseeing “systemic” payment stablecoins.
- Temporary transaction caps: £20,000 for individuals, £10 million for firms.
- Rationale: To shield the UK’s bank-based mortgage market from instability.
This announcement signals the UK’s intent to solidify its position as a competitive hub for digital assets.
