Bank of England Deputy Governor: The FTX incident highlights the need for regulation, and the UK Treasury will soon conduct consultations

ChainCatcher news, according to Bitcoin.com, Jon Cunliffe, the Deputy Governor of the Bank of England responsible for financial stability, stated that the collapse of the cryptocurrency exchange FTX highlights the urgent need for stronger cryptocurrency regulation. Although the crypto world is currently not large enough and its interconnections with mainstream finance do not pose a threat to the stability of the financial system, its links with mainstream finance have been rapidly developing.

Jon Cunliffe emphasized, "We should not wait until cryptocurrencies are large and interconnected enough to create a necessary regulatory framework to prevent potential larger disruptive impacts from cryptocurrency shocks." Additionally, he mentioned that the UK Treasury will soon begin consultations on expanding investor protection, market integrity, and other regulatory frameworks that cover the promotion and trading of financial products, involving activities and entities related to crypto assets. (source link)