The Bank of England (BOE) has decided to step up discussions on crypto regulations, as data collection is difficult.
According to the News of the Sunday Times; The Bank of England plans to accelerate the pace of international negotiations on creating a regulatory system for cryptoassets. The reason behind this decision was reported to be the difficulty in collecting data on the crypto ecosystem.
Sarah Breeden, Director of Financial Stability Strategy and Risk at the Bank of England, said in a statement.
Due to the increase in the number of exchanges offering crypto trading and custody services, global regulations are required to protect the current financial system.
said.
Stating that the UK cannot collect the necessary data on the crypto ecosystem alone, Breedenadvisory on the stability of the global financial system. holding the G-20 summit He said he thought it was needed.
The BOE reported that crypto-assets trading in the UK currently poses no threat to the financial system, but that the cryptocurrency ecosystem is growing and could become dangerous as it becomes more connected to the existing financial system.