Faced with intense pressure to keep pace with the United States, the Bank of England is preparing to exempt major players from proposed limits on stablecoins.
According to Bloomberg, the central bank will grant exemptions to cryptocurrency exchange platforms and other companies that need to hold large volumes of stablecoins, marking a significant change from previous plans.
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The central bank's previous proposal included a £20,000 holding limit for individuals and a £10 million limit for businesses.
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This measure, which also allows the use of stablecoins as a settlement asset in regulatory testing environments, comes after the UK industry warned that overly strict limits would cause it to fall behind following the passage of the landmark GENIUS Act in the US.