Bank Of England Bats For Crypto Market Regulation After $2T Plunge In Value: Bloomberg

by Shivani Kumaresan, Benzinga Staff Writer

July 5, 2022 7:21 AM | 1 min read | Make a Comment

The Bank of England has emphasized the need to regulate and impose tough laws on crypto assets after the crypto market plummeted in value by $2 trillion, Bloomberg reported.
The central bank said the plunge highlighted the crypto industry’s high vulnerabilities.
BOE’s policy committed cited that the digital asset market capitalization has nosedived to $900 billion from $3 trillion in the latter part of 2021.
“This underscores the need for enhanced regulatory and law enforcement frameworks to address developments in these markets,” the BOE said.
The central bank also warned that the growing crypto assets activity and its connection to banks might pose a systemic risk if left unregulated.

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