The UK could face a 'crypto shock' without better regulations, says a senior official at the Bank.
Better regulations are needed to protect the financial system after the collapse of the FTX cryptocurrency exchange, a senior Bank of England official has said.
The value of Bitcoin, the world's largest digital currency, has dived by almost 70% in the last year. In his speech, Sir Jon noted that the UK's financial regulator, the Financial Conduct Authority, had been warning for several weeks before FTX's collapse that "this firm may be providing financial services or products in the UK without our authorisation… you are unlikely to get your money back if things go wrong".
Before FTX collapsed, its then-CEO Sam Bankman-Fried took every chance he could to describe his firm as "the most regulated" in the industry. Mr Ray, who replaced the company's founder Sam Bankman-Fried, criticised what he called a "complete absence of trustworthy financial information".
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