加密资产监管立场松动！英格兰银行拟放宽稳定币持有上限政策

Core Viewpoint - The Bank of England (BOE) plans to exempt certain institutions from proposed limits on stablecoin holdings, indicating a significant shift in its regulatory stance towards crypto assets [1][2]. Group 1: Regulatory Changes - The BOE intends to allow some institutions, particularly cryptocurrency exchanges, to hold more stablecoins than previously proposed limits [1]. - The BOE's Digital Securities Sandbox will permit the use of stablecoins as settlement assets, reflecting a softening of Governor Bailey's previous stance [1][3]. - The initial proposal included a personal holding limit of £20,000 (approximately $27,000) and a corporate limit of £10 million, which is expected to be formally consulted on by the end of the year [1]. Group 2: Industry Reactions - Market participants view the potential exemption as a fundamental change in the BOE's approach, contrasting with Bailey's earlier warnings about stablecoins undermining trust in the monetary system [2]. - Criticism has emerged regarding the strict regulatory stance, with industry leaders arguing it could stifle innovation and lead to capital and talent outflow from the UK [2]. - The CEO of Greengage highlighted that the US has established a stable regulatory framework, which could attract investment away from London if the UK hesitates [2]. Group 3: Stablecoin Market Context - Stablecoins are cryptocurrencies pegged to fiat currencies, with a projected global annual payment volume exceeding $50 trillion by 2030 [2]. - Currently, only about $580,000 of the $303 billion in global stablecoin circulation is pegged to the British pound, indicating the UK's lag in this sector compared to the euro's $468 million [2]. - The BOE has indicated a willingness to revise its regulatory framework to allow "systemic stablecoins" to be backed by high-quality assets like short-term government bonds [2][3]. Group 4: Future Opportunities - Experts suggest that stablecoins could represent a new economic opportunity for the UK, particularly in light of the need for significant investment and infrastructure spending [4]. - The promotion of a regulated pound stablecoin could foster innovation and create new demand for government debt [4].