The Bank of England (BoE) official said that the crypto world needs regulatory framework.
Currently, crypto firms in the UK only have to demonstrate that they can implement adequate controls to stop money laundering. Still, many companies’ license applications were rejected by UK regulators. The UK, which keeps regulations tight, also states that clear regulation is needed after the collapse of crypto exchange FTX.
Bank of England: Regulation Required
Bank of England (BoE) Deputy Governor Jon Cunliffe said in a statement at an event held at Warwick Business School; He said that the collapse of cryptocurrency exchange FTX shows the need to bring the crypto world into regulatory framework.
Cunliffe continued his explanation as follows:
He stressed that FTX’s woes are that regulators need to introduce tighter controls as soon as possible.