Jon Cunliffe, deputy governor for financial stability of the Bank of England, has said the central bank needs to begin regulating crypto assets before they become “a potential systemic problem”.
Speaking with Sky News, the deputy governor was asked about the BoE's stance on cryptocurrency in the wake of the FTX collapse in the US. The cryptocurrency exchange filed for bankruptcy on 11 November, with its valuation falling from $32bn to insolvency in a matter of days, causing the crypto market to lose billions in value amid the volatility. Industry faces mounting to-do list as regulatory equivalence drifts ever further In the interview, Cunliffe said the trading of crypto assets had not been sizeable enough to destabilise the financial system, "but it was starting to develop...
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