The Bank of England (BOE) has unveiled a proposed regulatory framework for stablecoins, following feedback from 46 stakeholders, including banks and payment service providers. Released on November 10, the consultation paper aims to address concerns raised in a previous discussion that many believed would hinder the UK’s digital asset sector. While some stringent requirements have been relaxed, industry experts like Tom Rhodes from Agant argue that the BOE remains overly cautious. The new proposals include limits on 'systemic retail stablecoins,' capping individual holdings at £20,000 and business holdings at £10 million. Critics, including crypto influencer Aleksandra Huk, question the BOE's authority to impose such restrictions. The proposal specifically targets sterling-denominated stablecoins, excluding others like USDT and USDC. Industry representatives emphasize the need for clearer guidelines on what constitutes a systemic risk. Despite the slow regulatory progress since 2017, stakeholders hope for a more competitive environment as the BOE continues to refine its approach to stablecoins. Read more AI-generated news on: https://app.chaingpt.org/news

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