UK Central Bank Eases Stablecoin Regulations, Removes Individual Holding Limits and Relaxes Reserve Asset Requirements

According to Reuters, the Bank of England on Monday released its final stablecoin policy and draft rules, relaxing some proposals raised during last year’s industry consultation. The Bank scrapped its plan to impose a per-person holding limit, instead capping the total issuance of each stablecoin at an initial ceiling of £40 billion (approximately $52.84 billion). The central bank also slightly eased reserve asset requirements and plans to finalize the rules by the end of this year.