According to a speech given today, UK banking regulators are set to implement new rules on holding and issuing crypto. Specifically, the Prudential Regulatory Authority (PRA), is set to propose the new rules. This is according to the executive director of Prudential Policy at the Bank of England, Vicky Sporta.
The Bank of England noted the speech discussion, “the regulatory foundations of international competitiveness and growth,” by Sporta. Moreover, it discussed the digital asset industry and the regulatory concerns abounding its continued development.
UK Banking Proposes New Crypto Rules
2023 has undoubtedly seen an increase in the discourse surrounding cryptocurrency regulation. Specifically, it has seen regulatory agencies in the US combat growing concerns over securities fraud, and other regulatory bodyworks to better define regulation.
Now, the UK banking regulator — the Prudential Regulatory Authority — is set to implement new rules for holding and issuing crypto. The development was part of a speech given by Bank of England executive director of Prudential Policy, Vicky Sporta.
Specifically, the speech notes that the country is set to solidify its regulatory expectations for crypto, stablecoins, and other digital assets. Additionally, Coindesk notes that “Once the Financial Services and Markets Bill becomes law, authorities will have powers to regulate the sector.”
The UK government is currently still in the consultation aspect of its regulatory approach to the industry. Conversely, Sporta’s speech notes that new rules for the industry are incoming. Conclusively, the footnotes of the speech note that PRA-regulated entities will be subject to the same rules governing other sectors.