The Prudental Regulation Authority of the Bank of England (BOE) plans to gather funds from local commercial banks to fund the hiring of extra people to regulate the crypto market and businesses that operate in it.
According to the source, the financial regulator intends to hire an additional hundred workers and requires $419 million to do so (321 million pounds sterling). It intends to raise the funds from now until February of the following year. That would be an increase of 8% over the amount raised in 2021.
The regulator intends to create a framework for crypto assets that will be used globally. The BOE is concerned that the crypto market, which is already worth $1.7 trillion, will continue to grow and will soon be large enough to destabilise the traditional financial system in difficult times. Furthermore, the regulator aims to continue working on a stablecoin regulatory framework.
At the moment, the crypto market is worth barely 0.4 percent of the $469 trillion global financial system’s total value. The Bank of England, on the other hand, believes that the digital asset market is now larger than the subprime mortgages that caused the financial crisis in 2008 and to which Bitcoin was created as a response.
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