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Home News

Bank of England Sets March 2025 Deadline for Local Firms To Report Their Crypto Exposure

13 December 2024
in News, Regulation
Reading Time: 3 mins read
103 7
source: cnbc.com

source: cnbc.com

The Bank of England’s Prudential Regulation Authority (PRA) has directed financial firms to disclose their current and projected crypto asset exposures by March 2025.

In a statement released on December 12, the PRA emphasized the importance of understanding both present and future crypto involvement to assess risks associated with the growing adoption of digital assets in the financial system.

The directive requires firms to provide details on their application of the Basel framework, a global standard introduced in 2022 by the Basel Committee on Banking Supervision to manage risks and capital requirements for crypto asset exposures. The reporting also extends beyond immediate holdings to include anticipated activities through September 2029, with particular emphasis on engagement with permissionless blockchains.

The PRA raised concerns about permissionless blockchains, citing risks such as settlement failures, the lack of settlement finality, and weak links between asset ownership and authentication mechanisms. While these risks remain unaddressed, the PRA stated that its position is under ongoing review.

This initiative aims to help the Bank of England better understand the financial stability implications of increasing crypto integration. The findings will inform the PRA’s regulatory strategy, particularly as the UK gears up to implement broader cryptocurrency regulations.

The UK government plans to introduce rules targeting stablecoins and crypto staking by the end of December 2024. The proposed regulations would grant the Financial Conduct Authority (FCA) the authority to establish tailored oversight for stablecoins while potentially exempting staking from traditional financial scrutiny. Meanwhile, the FCA is working on a phased roadmap for crypto regulation, including updates on the UK’s digital securities sandbox, a blockchain testing initiative co-developed with the Bank of England.

The Economic Secretary to the Treasury, Tulip Siddiq, also recently stated that the government plans to introduce a comprehensive regulatory framework for the crypto sector in early 2025. This framework is expected to integrate stablecoin and staking regulations under a unified regime, streamlining oversight and enhancing clarity in the rapidly evolving digital asset space.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: CryptoEngland
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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