UK Needs “Prudent Regulation” In The Wake Of The FTX Crash
Public and commercial sector entities in the UK view the collapse of FTX as a cautionary tale and a forerunner for more cautious regulation.
In an interview with Sky News, Bank of England deputy governor Sir Jon Cunliffe made headlines ahead of the Christmas holiday by explaining his opinion that investors in the U.K. seeking exposure to the cryptocurrency markets want additional safety.
Cunliffe emphasized that potential users and investors in cryptocurrencies should have a mechanism for investing in the asset class that offers comparable consumer protection and integrity to traditional financial markets.
The deputy governor cited growing retail user and financial institution interest in cryptocurrency markets as a reason why the nation needs more robust regulatory oversight:
“We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financial system and before it becomes a systemic problem.”
Cunliffe also cited the collapse of FTX as an instance in which the regulatory framework governing the conventional finance industry may have offered protection to users who were left holding the bag.
“We saw things like clients’ money appears to have gone missing, conflicts of interest between different operations, transparency, audit and accounting.”
Cunliffe drew comparisons to the gambling industry in the UK and argued that investors should have access to a controlled environment to avoid losing access to money, as happened in the collapse of FTX.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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UK Needs “Prudent Regulation” In The Wake Of The FTX Crash
Public and commercial sector entities in the UK view the collapse of FTX as a cautionary tale and a forerunner for more cautious regulation.
In an interview with Sky News, Bank of England deputy governor Sir Jon Cunliffe made headlines ahead of the Christmas holiday by explaining his opinion that investors in the U.K. seeking exposure to the cryptocurrency markets want additional safety.
Cunliffe emphasized that potential users and investors in cryptocurrencies should have a mechanism for investing in the asset class that offers comparable consumer protection and integrity to traditional financial markets.
The deputy governor cited growing retail user and financial institution interest in cryptocurrency markets as a reason why the nation needs more robust regulatory oversight:
“We had banks and investment funds and others who wanted to invest in it and I think we should think about regulation before it becomes integrated with the financial system and before it becomes a systemic problem.”
Cunliffe also cited the collapse of FTX as an instance in which the regulatory framework governing the conventional finance industry may have offered protection to users who were left holding the bag.
“We saw things like clients’ money appears to have gone missing, conflicts of interest between different operations, transparency, audit and accounting.”
Cunliffe drew comparisons to the gambling industry in the UK and argued that investors should have access to a controlled environment to avoid losing access to money, as happened in the collapse of FTX.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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