BoE says a regulatory regime for cryptocurrencies is needed

The Bank of England indicated that banks in the world need to establish a single regulatory regime for cryptocurrencies

The executive director of strategy and financial risk of the Bank of England (BoE), Sarah Breeden, assured that in the world a comprehensive regime is needed to protect the global financial system for cryptocurrencies.

One of the key points that she has had to face the monetary authorities has been obtaining reliable data on the holdings of cryptocurrencies by institutional investors.

Faced with this situation, the executive director believes that international cooperation is necessary to be able to offer a reliable account of these figures.

“The ability to obtain data on what institutional investors is challenging. This is not something the UK can solve on its own. The cooperation would take place between members of the Financial Stability Board, a global body of central banks, including those of the United States, Europe, Japan and Australia, ”said Breeden.

UK authorities have also demanded greater accountability from cryptocurrency-related businesses. Last week, the UK’s advertising watchdog banned seven cryptocurrency-related ads, and will update the guidance in 2022.

K. Tovar

Source: Beincrypto

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