The Bank of England’s (BOE) Prudential Regulatory Authority plans to raise funds from local commercial banks to sponsor the hiring of more staff to oversee the crypto market and businesses.
According to Bloomberg’s report, the regulator wants to hire an additional 100 people and needs $419 million for this. The regulator plans to collect this amount by February of next year.
The regulator plans to establish a regulatory framework for cryptoassets that will be used internationally.
BOE has some concerns that the crypto market, which currently has a market cap of $1.7 trillion, continues to expand and is large enough to disrupt the traditional financial system.
The total valuation of the crypto market currently only covers 0.4% of the $469 trillion value of the world financial system.
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