BlockBeats News, October 8th, the Bank of England plans to exempt its proposed stablecoin holding limit, allowing cryptocurrency exchanges and other specific businesses to hold a larger amount of stablecoins.
The Bank of England is expected to announce these stablecoin restriction measures by the end of this year. At the same time, the Bank will also allow businesses to use stablecoins as settlement assets in its “digital securities sandbox” so that they can observe the operation of stablecoins in practice while assessing the potential application of this technology.
Earlier reports stated that several crypto companies are lobbying the Bank of England to reconsider its stablecoin holding limits. These companies believe that such limits put the UK at a disadvantage as its regulation of the stablecoin industry is stricter compared to the US or the EU. The Bank of England had previously planned to set the limit for individual stablecoin holdings at £10,000 to £20,000 and the limit for business holdings at £10 million. (Jinse Finance)
