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FTX collapse shows need for regulation to crypto asset industry = Bank of England Deputy Governor

Summary by Ground News
Digital currencies are still too small to pose a threat, says Sir Jon Cunliffe. But links with mainstream finance are developing rapidly, he says. FTX filed for bankruptcy last week and owes its largest creditors almost $3.1bn (£2.6bn) Thousands of users are also waiting to get their money back.
Published 3 months ago

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FTX: Tougher crypto rules needed after collapse, says Bank of England

The UK could face a "crypto shock" without better regulations, says a Bank of England senior official.

3 months ago·United Kingdom
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FTX collapse shows need for regulation to crypto asset industry = Bank of England Deputy Governor

[LONDON 21st Reuters] - Deputy Governor Cunliffe of the Bank of England (British Central Bank) expressed the view on the 21st that the bankruptcy of major FTX in the US crypto asset (virtual currency) exchange business indicates the need to incorporate the crypto asset industry within the regulatory framework. FTX applied for application of the US Federal Bankruptcy Law Section 11 (equivalent to the Civil Rehabilitation Act of Japan) and its man…

3 months ago·United Kingdom
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FTX implosion shows urgent need for crypto rules, says Bank of England

The implosion of FTX has underlined the need to rapidly bring crypto within the remit of financial watchdogs before it threatens the stability of the wider financial system, the deputy governor of the Bank of England has warned today.The collapse of FTX, founded by disgraced former billionaire Sam Bankman-Fried, has sent shockwaves through the crypto world and revealed major corporate failings at the top of the firm.Speaking today at a policy ev…

3 months ago·London, United Kingdom
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FTX shows need to regulate crypto before it gets big, says Bank of England

LONDON (Reuters) – The implosion of cryptocurrency exchange FTX shows the need to bring the crypto world within the regulatory framework, Bank of England Deputy Governor Jon Cunliffe said on …

3 months ago
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