Crypto Groups Urge BoE to Scrap Stablecoin Ownership Limits

Cryptocurrency groups are urging the Bank of England (BoE) to reconsider proposals that limit stablecoin holdings for individuals and businesses.
The proposed limits are £10,000–£20,000 ($13,600–$27,200) for individuals and approximately £10 million ($13.6 million) for businesses on systemic stablecoins.
The BoE believes these caps would prevent financial instability by mitigating risks associated with sudden deposit withdrawals.
Industry executives argue the plan is impractical, citing difficulties in enforcement and potential negative impacts on UK savers and the economy.
Unlike the UK's proposal, neither the U.S. nor the European Union has imposed such caps on stablecoin holdings.
The U.S. GENIUS Act and the EU's MiCA focus on licensing, reserve management, and oversight without limiting individual holdings.