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Crypto Firms Want UK to Relax Stablecoin Ownership Caps

Crypto News

Cryptocurrency companies are reportedly lobbying the Bank of England to rethink its stablecoin ownership limits.

The restrictions would give the United Kingdom more stringent rules for the stablecoin sector than the United States or the European Union, the Financial Times reported Monday (Sept. 15).

The Bank of England is set to propose limits on individual stablecoin ownership of 10,000 pounds to 20,000 pounds (about $13,600 to $27,200), with businesses being restricted to 10 million pounds, the report said. The limits apply to systemic stablecoins, or any coins widely used for U.K. payments or likely to be used for that purpose in the future.

The plan has attracted criticism from crypto and payment companies, which said it would put…

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