Altcoins News
By Julie Binoche
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The Bank of England just blinked. After weeks of fierce pushback from crypto groups, the central bank said March 11 it's ready to ditch or water down its plan to cap how much…
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The move comes after industry leaders basically told the BoE their proposal would kill London's crypto dreams and send businesses packing for friendlier shores.
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Industry groups fired off letters warning that overly strict rules would gut London's fintech scene.
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Andrew Bailey, the BoE Governor, found himself caught between two fires. On March 9, he said consumer protection can't take a backseat, but he also admitted stablecoins might…
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The Financial Conduct Authority jumped into the mess March 10 with its own statement. The FCA said it's working with the BoE to make sure any new rules don't accidentally nuke…
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Market watchers are now glued to every BoE statement. The central bank hasn't killed the proposal yet - they're just saying they'll "engage further" with industry players.
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Other countries are watching too. The US is cooking up its own stablecoin rules, and Europe's got its MiCA regulations coming down the pipe.
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The Treasury Select Committee plans to grill officials about all this March 15. Committee members will probably ask tough questions about whether the BoE actually knows what it's…
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Industry insiders say the whole mess shows how hard it is to regulate something that moves as fast as crypto.
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Companies are basically in limbo right now. They don't know if the caps are coming, when they might kick in, or how strict they'll be.
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The central bank's next move will probably determine whether the UK stays relevant in crypto or becomes a regulatory backwater.
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For now, everyone's waiting to see what the BoE does after it finishes talking to industry groups.
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Major stablecoin issuers have already started contingency planning. Tether, which manages over $100 billion in assets, quietly opened discussions with regulators in Hong Kong and…
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The numbers tell the story of what's at stake. UK-based crypto exchanges processed roughly $85 billion in stablecoin transactions last year, generating significant tax revenue…
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