The Bank of England is pushing ahead with its plan to impose ownership limits on UK stablecoins, while partly backing down to industry criticism by exempting retailers and cryptocurrency exchanges from the restrictions.
The central bank on Monday said individuals would be limited to owning up to £20,000 of UK stablecoins that are considered systemically important, while most businesses would be limited to holding up to £10mn.
“Retail businesses (such as supermarkets) and intermediaries servicing retail customers (such as cryptoasset trading platforms) who may need to hold large balances of such coins could be exempted from the proposed £10mn business limits,” it said in a consultation paper.
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