UK’s Prudential Regulatory Authority to Propose Rules on Digital Assets
It is reported that Vicky Saporta, Executive Director of Prudential Policy of the Bank of England, said in a speech on Monday that the Prudential Regulatory Au…
It is reported that Vicky Saporta, Executive Director of Prudential Policy of the Bank of England, said in a speech on Monday that the Prudential Regulatory Authority (PRA), which is responsible for supervising British banks, is planning to propose rules on the issuance and holding of digital assets. The UK is trying to strengthen its attitude towards cryptocurrencies, including stable currencies and other digital settlement assets that may pose risks to financial stability. Once the Financial Services and Markets Act becomes law, the authorities will have the right to regulate the industry, and the British government is currently consulting on its regulatory methods. According to the speech text, the new standards of companies regulated by PRA will be consistent with the rules of other industries.
The UK banking regulator will propose rules on the issuance and holding of cryptocurrency
Interpretation of the news:
The UK’s Prudential Regulatory Authority (PRA) is planning to propose rules on the issuance and holding of digital assets, according to Vicky Saporta, Executive Director of Prudential Policy of the Bank of England. The move is aimed at strengthening the British government’s attitude towards cryptocurrencies, including stable currencies and other digital settlement assets that may pose risks to financial stability. The PRA is responsible for supervising British banks and will be regulating digital assets once the Financial Services and Markets Act becomes law.
The regulatory authority is currently consulting on regulatory methods, indicating a move towards a stricter regulatory regime for the cryptocurrency industry. This comes after the Financial Conduct Authority (FCA) took similar steps earlier this year, with a view to curbing the increased adoption of cryptocurrencies, especially among retail investors. This move is in response to concerns that cryptocurrencies could compromise financial stability, and lead to increased money laundering and terrorism financing.
Saporta’s speech text indicates that the proposed new standards of companies regulated by PRA will be consistent with the rules of other industries, further emphasizing the regulatory authority’s efforts to mitigate risks associated with digital assets. This is also in line with the Bank of England’s recent efforts to develop its own central bank digital currency (CBDC) in a bid to improve payment systems and promote financial stability.
In conclusion, the UK is taking steps to regulate digital assets and cryptocurrencies to mitigate risks to financial stability, money laundering, and terrorism financing. The PRA’s move to propose rules on the issuance and holding of digital assets is part of this effort and is consistent with the UK government’s aim to regulate the industry once the Financial Services and Markets Act becomes law.
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