- The Bank of England has emphasized the need to regulate and impose tough laws on crypto assets after the crypto market plummeted in value by $2 trillion, Bloomberg reported.
- The central bank said the plunge highlighted the crypto industry’s high vulnerabilities.
- BOE’s policy committed cited that the digital asset market capitalization has nosedived to $900 billion from $3 trillion in the latter part of 2021.
- “This underscores the need for enhanced regulatory and law enforcement frameworks to address developments in these markets,” the BOE said.
- The central bank also warned that the growing crypto assets activity and its connection to banks might pose a systemic risk if left unregulated.
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