BoE Warns Banks and Insurers Against Crypto Assets

The Bank of England last Tuesday warned banks and insurers against crypto assets, calling them volatile and highly susceptible to fraud.

BoE deputy director Sam Woods, who is responsible for financial supervision, also said in a letter that crypto-assets raise concerns on misconduct and market integrity since many appear to be vulnerable to fraud and manipulation, and used for illicit activities as well.

The BoE also told companies to inform their usual supervisory contact of any planned crypto-asset exposure or activity, along with a risk assessment of the intended exposure.

Source: Reuters