News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

News

BoE to probe banks’ crypto exposure, CEOs told to watch risks

The BoE wants firms to disclose their current and future crypto plans

The data that firms submit will inform the PRA and Bank of England’s assessment of the application of its current rules and the evolving risks associated with cryptoassets
The data that firms submit will inform the PRA and Bank of England’s assessment of the application of its current rules and the evolving risks associated with cryptoassets Photo: Thomas Krych/SOPA Images/Getty

The Bank of England is looking into the City’s exposure to crypto and has asked firms to disclose information on their plans in cryptocurrencies — although only on a voluntary basis.

In a 24 March letter, deputy governor Sam Woods gave firms a 3 June deadline by which financial services firms are expected to voluntarily inform the BoE of their current and planned exposures to crypto during 2022.

WSJ Logo