Bank of England Warns to Institutions About Cryptocurrency Risks

  • July 1, 2018
  • 3:41 am ET

Sam Woods, CEO, Prudential Regulation Authority (PRA) of the Bank of England has penned a letter to insurance companies, investment firms, and banks to warning them of risks and obligations related to cryptocurrencies under PRA rules. In their short history, crypto-assets have exhibited high price volatility and relative illiquidity. Crypto-assets also raise concerns related to…

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Sam Woods, CEO, Prudential Regulation Authority (PRA) of the Bank of England has penned a letter to insurance companies, investment firms, and banks to warning them of risks and obligations related to cryptocurrencies under PRA rules.

In their short history, crypto-assets have exhibited high price volatility and relative illiquidity. Crypto-assets also raise concerns related to misconduct and market integrity – many appear vulnerable to fraud and manipulation, as well as money-laundering and terrorist financing risks.

The letter contains crypto asset risk management strategies and hints that there are likely more policy updates to come in the near future.


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