The UK plans to unveil its proposed regulatory framework for stablecoins on November 10, as the Bank of England (BoE) pushes to keep pace with the US, Bloomberg reported yesterday.
According to Deputy Governor Sarah Breeden, Britain will have its regime up and running "as quickly as the US," dismissing concerns that the UK is falling behind in the global race to supervise digital assets.
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The consultation, confirmed to Reuters, will initially focus on "systemic" stablecoins, those considered likely to be widely used for payments, with stricter oversight by the BoE. Other stablecoins will be subject to the looser regulation of the Financial Conduct Authority (FCA).
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Bloomberg has reported the proposals will include transaction limits of £20,000 for individuals and £10 million for businesses.