UK Stablecoin Regs Coming 'Just as Quickly' as US: Bank of England

Core Viewpoint - The UK is committed to rolling out its stablecoin regulatory framework at a pace comparable to that of the U.S., addressing industry concerns about potential delays in regulation [1][2]. Group 1: Regulatory Framework - The Bank of England (BoE) plans to unveil its proposed stablecoin regime soon, with operational rules expected by the end of next year [3]. - The regulations will include temporary caps of $26,087 (£20,000) for individuals and $13 million (£10 million) for businesses, with potential exemptions for large crypto exchanges and institutional players [4]. Group 2: Economic Impact - The UK's financial services sector contributes over 40% to the national GDP, highlighting the importance of safeguarding jobs and economic development in the context of stablecoin regulation [2]. - The joint task force between the UK and U.S. aims to align crypto rules and facilitate cross-border capital flows, with policy recommendations expected by March 2026 [3]. Group 3: Industry Reactions - Industry representatives have welcomed the timeline pledge from the BoE, viewing it as a positive step for the UK's position in the global crypto landscape [2]. - Concerns regarding the holding caps were downplayed by the BoE Deputy Governor, who emphasized that the issue may not be as significant in practice as perceived [4].