A deputy governor of the Bank of England (BOE) played down concerns the U.K. is slipping behind other jurisdictions in introducing regulatory regimes for stablecoins, saying the rules will be in effect “just as quickly as the U.S.,” Bloomberg reported on Wednesday.
“Our aim is to make sure that our regime is up and running, just as quickly as the U.S.,” Sarah Breeden, the deputy governor for financial stability, said at a conference on Wednesday, according to the report.
The U.K. central bank is set to reveal its proposed stablecoin regulations on Nov. 10, with expectations that it will impose limits on holdings of 20,000 pounds ($26,000) on individuals and 10 million pounds on businesses.
The BOE drew the ire of many in the crypto industry when it was reported the central bank planned to limit the amount of stablecoins that individuals and businesses could own. Breeden described these plans as “less of an issue in practice than people might think.”
She pointed to differences in the U.K. mortgage market compared with the U.S., where the GENIUS Act was signed into law by President Trump in July, as a reason for a limit on stablecoin holdings being necessary.
“People in the U.S. get their mortgages from Fannie and Freddie, and they’re funded in financial markets,” Breeden said, referring to the Federal National Mortgage Association (known as Fannie Mae) and Federal Home Loan Mortgage Corp. (Freddie Mac). “People in the U.K. get their mortgages from commercial banks and so that need for limits as we transition to a world of stablecoins is one that is less pertinent to the U.S. regime.”
The BOE did not respond to CoinDesk’s request for further comment.