Bank of England plans to regulate crypto trading after FTX collapse
Crypto could become a systemic risk for the entire financial industry, Deputy Governor says
Other major central banks are stepping up crypto regulations too
The FTX collapse is proving to be a major catalyst for crypto regulation across the globe. The Bank of England is the latest central bank to signal greater efforts to regulate the industry.
The Bank of England is considering sweeping crypto regulation to protect investors and the financial system, Deputy Governor Jon Cunliffe said in an interview on Thursday.
“We should think about regulation before it becomes integrated with the financial system and before we could have a potential systemic problem,” he said.
Deputy Governor Cunliffe pointed out that if FTX were a traditional financial institution, depositors would have had more protection.
“We saw things like clients’ money appears to have gone missing, conflicts of interest between different
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