It is known that many banks have made various breakthroughs in providing crypto money services recently. Since there is no clear regulation in the countries yet, a sanction may come from the Bank of England for banks that are slow in entering the crypto money sector.
Sam Woods, Deputy Governor of the Bank of England (BoE), made a statement on this issue. The President mentioned that banks that want to offer crypto money services are very warm to the capital requirement proposal.
If this recommendation is implemented, banks should collateralize these assets 100 percent with other assets or provide capital for possible problems when they will provide crypto money services. In fact, with this statement, it can be said that the Bank of England made a move to protect investors in order to prevent incidents such as fraud and unrequited transfer in cryptocurrencies and to cover losses.
The central bank, which wants such a capital requirement for banks, may also request this application for cryptocurrency exchanges serving in the UK.
