The Bank of England plans to exempt the proposed limits on corporate stablecoin holdings

ChainCatcher news, according to Bloomberg, the Bank of England plans to exempt proposed limits on corporate stablecoin holdings, indicating a softening of its stance on crypto assets in the face of competition from the United States.

Insiders revealed that the Bank of England intends to grant exemptions to businesses such as cryptocurrency exchanges that need to hold large amounts of stablecoins, and also allow companies to settle in stablecoins within experimental digital securities sandboxes. This suggests that Governor Andrew Bailey's previously skeptical attitude is easing, although the Bank of England declined to comment. The digital payments industry is concerned that the UK will struggle to compete with the U.S. "Genius Act," and the Bank of England plans to set limits on personal and corporate stablecoin holdings, with a consultation document expected to outline this by the end of the year. Previously, Bailey had denied the stablecoin and digital pound projects, and this exemption is seen as a significant shift.