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Bank of England Deputy Governor Sarah Breeden announced that the central bank’s long-awaited stablecoin regulatory framework will launch on November 10, aiming to keep pace with the U.S. in digital asset oversight. Breeden dismissed concerns that the UK is falling behind, emphasizing that the new system will be “up and running just as quickly as the U.S.”
The new rules will initially target “systemic” stablecoins — those expected to see widespread use for payments — while other tokens will remain under the Financial Conduct Authority’s lighter regulatory regime. Proposed limits include temporary transaction caps of £20,000 ($26,000) for individuals and £10 million for businesses, reflecting the UK’s efforts to safeguard its bank-based mortgage market from rapid deposit outflows.
This move signals Britain’s intent to stay competitive in the global crypto space. The UK government recently appointed a “digital markets champion” to promote blockchain adoption, and the Financial Conduct Authority lifted its four-year ban on retail crypto exchange-traded notes.
