{"id":33542,"date":"2024-12-13T17:00:22","date_gmt":"2024-12-13T14:00:22","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=33542"},"modified":"2024-12-13T14:13:53","modified_gmt":"2024-12-13T11:13:53","slug":"bank-of-england-asks-firms-to-disclose-crypto-asset-exposure","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bank-of-england-asks-firms-to-disclose-crypto-asset-exposure\/","title":{"rendered":"Bank of England: Asks Firms to Disclose Crypto Asset Exposure"},"content":{"rendered":"<p>The Prudential Regulation Authority (PRA), the regulatory arm of the <strong>Bank of England<\/strong>, has requested firms to disclose their current and future <strong>crypto asset exposure<\/strong> by March 2024. This move is aimed at monitoring the impact of crypto assets on <strong>financial stability<\/strong> and contributing to the formulation of future policies.<\/p>\n<p>In a statement issued on December 12, the PRA asked companies to share their &#8220;current and expected crypto asset exposures&#8221; and explain how they are applying the <strong>Basel framework<\/strong> to crypto regulations.<\/p>\n<p>\u201cThis information will be used to ensure crypto assets are managed prudently, to analyze the costs and benefits of various policy options, and to shape our regulatory efforts,\u201d the statement read.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bank-of-england-asks-firms-to-disclose-crypto-asset-exposure\/#What_is_the_Basel_Framework\" title=\"What is the Basel Framework?\">What is the Basel Framework?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bank-of-england-asks-firms-to-disclose-crypto-asset-exposure\/#Related_Developments\" title=\"Related Developments\">Related Developments<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_Basel_Framework\"><\/span>What is the Basel Framework?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Basel framework<\/strong> is a regulatory model that defines capital and risk management requirements for banks dealing with crypto assets. Introduced by the <strong>Basel Committee on Banking Supervision (BCBS)<\/strong> in December 2022, the framework categorizes crypto assets into three broad risk profiles.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2024-12\/0193be85-e62a-75e5-867b-cb85cf06a828\" alt=\"england\" width=\"865\" height=\"565\" \/><\/p>\n<hr \/>\n<p><strong><em>You Might Be Interested In: <a href=\"https:\/\/coinengineer.net\/blog\/elon-musk-talks-about-the-name-of-a-new-memecoin\/\">Elon Musk Talks About the Name of a New Memecoin!<\/a><\/em><\/strong><\/p>\n<hr \/>\n<p>The PRA is also requesting firms to assess their crypto asset plans up to September 30, 2029. This information will form the foundation for monitoring the effects of crypto assets on financial stability and improving risk management.<\/p>\n<p>The questionnaire includes various issues, such as how firms hold crypto assets and the use of <strong>permissionless blockchains<\/strong>. The PRA points out that these blockchains carry \u201cfully unmanaged risks,\u201d citing concerns like lack of payment certainty, transaction error risks, and the absence of a clear link between the owner and control mechanism of a digital asset.<\/p>\n<p>However, it\u2019s noted that the classification of permissionless blockchains continues to be reviewed.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Related_Developments\"><\/span>Related Developments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The number of firms involved with <strong>crypto assets<\/strong> is growing globally. For example, <strong>Boyaa Interactive International<\/strong>, based in <strong>Hong Kong<\/strong>, recently announced it converted nearly $50 million worth of <strong>Ethereum<\/strong> into <strong>Bitcoin<\/strong>. Additionally, the Japanese investment company <strong>Metaplanet<\/strong> revealed plans to create a fund to purchase $62 million worth of <strong>Bitcoin<\/strong>, adding to its existing holdings of 1,142 <strong>Bitcoin<\/strong>.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"nofollow noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Prudential Regulation Authority (PRA), the regulatory arm of the Bank of England, has requested firms to disclose their current and future crypto asset exposure by March 2024. This move is aimed at monitoring the impact of crypto assets on financial stability and contributing to the formulation of future policies. In a statement issued on<\/p>\n","protected":false},"author":28,"featured_media":33545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,10,657,2],"tags":[5435,10081,61,192,60,1744,9427,10082,839,10083,1751],"class_list":["post-33542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-economy-news","category-en","category-news","tag-bank-of-england","tag-basel-framework","tag-bitcoin","tag-blockchain","tag-btc","tag-crypto-assets","tag-crypto-economy","tag-financial-stability","tag-gary-gensler","tag-permissionless-blockchains","tag-regulation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of England: Asks Firms to Disclose Crypto Asset Exposure - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bank-of-england-asks-firms-to-disclose-crypto-asset-exposure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of England: Asks Firms to Disclose Crypto Asset Exposure - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The Prudential Regulation Authority (PRA), the regulatory arm of the Bank of England, has requested firms to disclose their current and future crypto asset exposure by March 2024. 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