Question to the HM Treasury:

To ask His Majesty's Government what discussions they have had with the Bank of England regarding proposals to cap individual holdings of stablecoins at £10,000–£20,000 and £10 million for businesses.

The government recognises that facilitating stablecoin innovation is important for UK competitiveness, and continues to engage with the regulators, including the Bank of England, to ensure a coherent regulatory framework.

The government will bring forward legislation later this year to create a financial services regulatory regime for cryptoassets in the UK, including stablecoins.