The Bank of England (BoE) has called on policy makers to strengthen the global framework for regulating cryptos to prevent the assets from threatening the broader stability of financial markets.
#VLRM @ValereumPLC @DavidLenigas
#VLRM @ValereumPLC @DavidLenigas
Britain's central bank Financial Policy Committee (FPC) said the role of prudential and market integrity regulators should be expanded and their coordination increased.
The $1.7tn (£1.3tn) crypto market is now larger than the $1.2tn market of sub-prime mortgages that triggered the global financial crash in 2008.
"Enhanced regulatory and law enforcement frameworks are needed, both domestically and at a global level,"
"Enhanced regulatory and law enforcement frameworks are needed, both domestically and at a global level,"
Saidthe BoE committee said in minutes of its meetings on 9 March and 18 March, released on Thursday.
The FPC will conduct regular risk assessments, focussing on monitoring risks to systemic financial institutions and core financial markets, risks to the ability to make payments,
The FPC will conduct regular risk assessments, focussing on monitoring risks to systemic financial institutions and core financial markets, risks to the ability to make payments,
and impact on real economy balance sheet. Crypto assets, like bitcoin (BTC-USD) and ethereum (ETH-USD) are largely unregulated as they fall outside the legal scope.
A change of law would be required to bring crypto under the full perimeter of UK securities rules, something the Treasury is already considering.
As we all know regulation is vital in order to survive in this space and #VLRM are working hard with regulators to achieve this!
As we all know regulation is vital in order to survive in this space and #VLRM are working hard with regulators to achieve this!
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