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Bank of England Embarks on Crypto Data Collection
The Bank of England has taken a bold step in the world of cryptocurrencies by announcing its intention to embark on a massive crypto data collection exercise. This move is aimed at assessing financial institutions’ exposures to various forms of digital assets, including tokenized assets and stablecoins.
According to reports, the Bank’s Prudential Regulation Authority (PRA) has revealed that it will be collecting detailed information from firms regarding their cryptoasset holdings and activities. The data collection exercise is expected to conclude by March 2025, with institutions required to submit comprehensive reports detailing their exposures by the specified deadline.
The Bank of England’s decision to initiate this data collection initiative reflects a growing recognition of the potential risks and opportunities presented by these digital assets. By gathering such detailed information, the financial institution aims to assess the systemic implications and ensure that appropriate regulatory measures are in place to safeguard the integrity and stability of the financial system.
In a statement, a spokesperson from the Bank’s PRA emphasized the importance of this initiative, stating that “we encourage all relevant firms to engage fully with this exercise.” The information collected will be instrumental in shaping the future regulatory framework for digital assets.”
The move by the Bank of England is expected to have far-reaching implications for the financial sector.
Source: fullycrypto.com
