Bitcoin (BTC) and cryptocurrencies are continuing to gain adoption and popularity, and the UK is not indifferent to this situation.
At this point, the Bank of England (BoE) has taken action to investigate the risks of cryptocurrencies.
The Prudential Regulation Authority (PRA), the financial sector regulator of the Bank of England, has requested companies to report the risks of cryptocurrencies through them.
The regulatory arm of the Bank of England has asked companies to submit detailed reports on cryptocurrency transactions until March 2025 in order to monitor stability and shape policy.
The regulatory institution also requests companies to detail their future plans regarding cryptocurrencies, especially unauthorized blockchain uses, by September 2029.
Analysis to be conducted within the Basel framework aims to determine the impact of cryptocurrency markets on financial stability. This framework, which was implemented by the Basel Banking Supervision Committee in December 2022, sets out the capital adequacy and risk management standards that banks must adhere to in their cryptocurrency asset investments.
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