UK Central Bank to Raise $420 Million to Up Crypto Scrutiny
Britain’s central bank is upping the ante with a major funding drive to further scrutinize crypto assets and how they are used in the financial ecosystem.Britain’s banking regulator is planning to seek funding from the institutions it administers in order to increase its oversight of the crypto industry.
The Bank of England’s Prudential Regulation Authority (PRA) plans to raise £321 million (around $420 million) for the year through February 2023, according to Bloomberg.The regulatory body will also be going on a hiring spree seeking 100 staff to aid the effort. The PRA plans to “ask firms to report their crypto asset exposures, treatments, and future investment plans,” according to an announcement on April 20.However, crypto is a tiny fraction of the $469 trillion global financial system, representing just 0.42% of the total amount, according to the BoE.
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