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Bank of England Says Crypto Regulation Needed as Risks Grow
The bank has taken a stronger line than in July, when it warned of a “spillover” into traditional markets.
The Bank of England said crypto assets are becoming more integrated into the U.K.’s financial system and while they don’t yet pose a major risk, increased regulation is needed as their influence grows.
- Regulation is needed at both the national and international level, the bank said in its Financial Stability Report published Friday.
- The report takes a stronger line than in July, when it warned of a “spillover” into traditional markets and noted that interest from institutional investors, banks and payments operators was a concern.
- “The Financial Policy Committee (FPC) considers that financial institutions should take a cautious and prudent approach to any adoption of these assets,” the bank said Friday.
- Central banks are, however, becoming more concerned about stablecoins in particular. The Bank for International Settlements, the organization that represents most of the world’s central banks, earlier this week published preliminary guidance on how regulators can oversee them.
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Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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