The Bank of England is finding difficulty to acquire information on institutional exposure to crypto, and plans to ramp up the pace of international talks on establishing a regulatory regime for the assets.
According to Sarah Breeden, the BOE’s executive director for financial stability strategy and risk, the growing number of banks offering crypto trading and custody for clients requires global rules to protect the financial system. Collecting the requisite data is not something the U.K. can achieve alone, she stated.
The BOE has repeatedly stated, most recently that crypto holdings in the U.K. do not currently pose a threat to the financial system. It expressed concern,that the pace of growth means they could become more dangerous as they become increasingly linked to the wider financial network.
