Банк Англии смягчит лимиты на стейблкоины

cryptonews.ruОпубліковано о 2025-05-07Востаннє оновлено о 2025-10-08

По данным Bloomberg, регулятор готовит waivers/ carve-outs (точечные послабления) из будущих ограничений по владению стейблкоинами для корпоративных пользователей. Это означает, что базовый «потолок» для бизнеса всё ещё обсуждается, но отдельные фирмы смогут держать больше, если это необходимо для ликвидности, клиринга и расчётов. Такой разворот отражает смягчение риторики BoE на фоне конкуренции с США и ЕС, где обсуждаются более гибкие режимы для стабильных монет.

Предыстория: от жёстких лимитов к гибкости

Изначально идея лимитов на владение стейблкоинами (для граждан и компаний) вызвала резкую критику отрасли как «тяжёлую к исполнению» и подрывающую конкурентоспособность Британии. На этом фоне BoE стал сигнализировать более прагматичный подход: от признания полезности стейблкоинов в платежах до готовности корректировать детали предстоящей консультации по режиму «системно значимых» стейблкоинов.

Что может войти в пакет смягчений

  • Индивидуальные послабления для крупных держателей-посредников (биржи/провайдеры ликвидности), которым нужны значительные балансы стейблкоинов для расчётов и управления потоком клиентов.

  • Тестирование расчётов стейблкоинами в Digital Securities Sandbox — контролируемая среда для эмиссии/торговли токенизированными ценными бумагами и расчётов по ним.

Последние заявления главы BoE Эндрю Бейли дают понять: широко используемые стейблкоины должны регулироваться «как деньги», включая полное риск-свободное обеспечение, страховые механизмы и понятные процедуры разрешения. Одновременно он допускает сосуществование банковских денег и стейблкоинов в платежах — при условии строгих стандартов.

Переход от «жёстких потолков» к точечным исключениям снижает риск технологической эмиграции криптокомпаний из Лондона и приближает британский подход к модельному — «жёсткая база + гибкость для инфраструктурных игроков». Если BoE закрепит carve-outs и допустит пилоты расчётов в песочнице, Великобритания сохранит шанс догнать США/ЕС в гонке за рынок стейблкоинов, не жертвуя при этом принципами защиты потребителей и финансовой стабильностью. Для бизнеса это означает больше предсказуемости, для инвесторов — сигнал, что Британия не закрывает дверь для стейблкоинов как платёжного инструмента.

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