Crypto Firms Push Back Against UK Stablecoin Ownership Caps Proposed by BoE

Cryptocurrency groups and industry associations are opposing proposals by the Bank of England that would cap individual holdings of systemically important stablecoins, suggesting limits between £10,000-£20,000 per person, and up to £10 million for businesses. Critics say such restrictions may stifle innovation and put UK crypto firms at a competitive disadvantage compared to other jurisdictions. They also raise compliance cost concerns, especially around verification and enforcement. The debate reflects tension between financial stability and fostering growth in digital asset markets.