UK Stablecoin Regs Coming 'Just as Quickly' as US: Bank of England

The Bank of England (BoE) Deputy Governor Sarah Breeden stated that the UK's new regulations for stablecoins will be implemented swiftly, parallel to developments in the U.S. The proposed rules, set to be unveiled soon, will impose temporary holding limits of $26,087 (£20,000) for individuals and $13 million (£10 million) for businesses. Critics from the crypto industry have expressed concerns that such caps could be cumbersome and negatively impact market operations. Breeden emphasized the importance of implementing these regulations to keep pace with the U.S., which has already established a framework. Furthermore, there may be exemptions allowing larger crypto exchanges to exceed the stated limits, as the UK aims to adjust restrictions based on the stability of its financial system. This initiative is part of a broader effort, including a joint task force with the U.S., to synchronize crypto regulations and enhance cross-border financial exchanges.

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