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Bank of England Deputy Governor Says Britain to Front-run Capital Rules on Crypto If Necessary
Summary: Bank of England Deputy Governor Sam Woods said on Thursday he would front-run global rules if necessary to avoid Britain's banks building up big exposures to cryptoassets that were not backed by sufficient capital. The global Basel Committee of banking regulators have begun work on capital requirements for banks which hold cryptoassets like bitcoin, proposing ...
Bank of England Deputy Governor Sam Woods said on Thursday he would front-run global rules if necessary to avoid Britain's banks building up big exposures to cryptoassets that were not backed by sufficient capital.
The global Basel Committee of banking regulators have begun work on capital requirements for banks which hold cryptoassets like bitcoin, proposing punitive charges that lenders said this week would make their involvement in the sector prohibitive. Woods said that the regulatory community was starting to get a better grip on the crypto sector and that Basel's proposals were "quite sensible".
"At this point our banks don't have material exposures to crypto but you can see over time, there is an investor appetite and not just retail, also institutional investor appetite to have a little bit of this stuff," Woods told Reuters.
By Amy Liu
Tags: Bank of England,Capital Rules,Crypto
Link: Bank of England Deputy Governor Says Britain to Front-run Capital Rules on Crypto If Necessary [Copy]
