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It seems that the Central Bank of England is significantly changing its approach to controlling stablecoins. The British financial supervisory authority is now working hard to give some companies the opportunity to circumvent previously established restrictions on the number of stablecoins they can own.

The initial figures, which were planned to be discussed before the end of the year, assumed a hard ceiling: for individuals - no more than 20 thousand pounds, and for companies - up to 10 million. However, many market participants did not like this idea. The main criticism was that such restrictions would be difficult to control and that this could harm the UK's competition with other countries, especially the United States.

In response, the Bank of England is now thinking about making exceptions for certain financial institutions. We are talking about companies that really need to store a lot of stablecoins to maintain liquidity, settlement and clearing. Most likely, this will include large crypto exchanges.

Also, as part of the Digital Securities Sandbox pilot project, it will be allowed to use verified and regulated stablecoins, including those denominated in other currencies, to settle transactions. This will help the regulator understand how such assets work in practice, but in a safe environment so as not to risk the entire financial system.

The changes in the views of the head of the Bank of England, Andrew Bailey, are becoming clearer. Previously, he said that stablecoins could undermine confidence in traditional finance, and was more inclined towards tokenized versions of bank deposits. But in recent statements, he has acknowledged that stablecoins can drive innovation and quietly exist alongside traditional finance.

The introduction of exceptions to the limits on stablecoins shows that the Bank of England is moving from strict prohibitions to a more reasonable approach. This happened because the regulator understands that it is necessary to maintain a balance between risk management and maintaining the competitiveness of the British financial system in the rapidly changing world of digital assets. The final version of the rules will show how serious this reversal is.