BoE official compares current crypto market regulation to 'unsafe aeroplanes'
According to Jon Cunliffe, regulators needed to accelerate efforts to find a place for crypto in current frameworks based on the principle of "same risk, same regulatory outcome." Jon Cunliffe, deputy governor for financial stability at the Bank of England, has called for a clear regulatory framework for crypto to address risks amid the recent market downturn.In a written speech at the British High Commissioner's Residence in Singapore on Tuesday, Cunliffe said regulators needed to “get on with the job” of incorporating crypto and blockchain into existing frameworks. He cited certain....
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While serving as the secretary of state for business, energy and industrial strategy, Nadhim Zahawi was part of a department suggesting support for blockchain technology in 2021. Recently elected Conservative Party leader and prime minister of the United Kingdom Liz Truss has appointed Kwasi Kwarteng as the country’s newest chancellor of the exchequer, or chief financial minister.In a Tuesday announcement, Truss’ office named Kwarteng as the next U.K. finance minister, replacing Nadhim Zahawi, who served as chancellor of the exchequer for three months following Rishi Sunak’s resignation in....
Bank of Canada’s senior deputy governor says the central bank does not want to wait until crypto “gets a lot larger” before it brings regulatory controls in place. “This is an area that is still small, but it’s growing really rapidly,” the official said.
Bank of Canada’s Official Stresses the Importance of Crypto Regulation
Bank of Canada Senior Deputy Governor Carolyn Rogers talked about cryptocurrency regulation in an interview with Reuters Thursday.
“This is an area that is still small, but it’s growing....
According to one French official, crypto and blockchain projects should be supervised at the European level. France’s top financial regulator has proposed to change the way the cryptocurrency industry is supervised in Europe.Robert Ophèle, chairman of Autorité des Marchés Financiers, addressed crypto-realted regulatory issues at the 5th Annual Conference on FinTech and Regulation. The official argued that financial supervisors must take a new approach in regulating blockchain-based financial instruments due to massive growth in the market.Ophèle proposed that the European Securities and....
Former U.S. Treasury Secretary Lawrence Summers has compared crypto exchange FTX to Enron, noting that the case is a classic fraud rather than the complexities of cryptocurrency regulation. He said the regulatory community ought to draw two lessons from the collapse of FTX. Larry Summers Compares FTX to Enron Former Treasury Secretary Lawrence Summers shared his view on the need for cryptocurrency regulation following the collapse of Sam Bankman-Fried’s FTX crypto empire in an interview with Bloomberg Television Friday. Summers served as the U.S. Secretary of the Treasury from 1999....
The Turkish government has updated the country’s cryptocurrency regulation following the banning of cryptocurrencies for payments and failing crypto exchanges. Published in the Official Gazette on Saturday, the new rule adds crypto trading platforms to the list of entities covered by anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The Official Gazette states that the country’s latest expansion of rules covering cryptocurrency transactions would take immediate effect. Crypto service providers must now comply with existing regulations.....