The Bank of England has taken action on crypto assets.

The UK's financial regulator, the PRA, is asking local companies to disclose the potential risks of crypto assets by March. This step by the Prudential Regulation Authority aims to ensure stability in the crypto markets and shape future policies. Assessments under the Basel framework will allow for clearer monitoring of the effects of crypto assets on the financial system.

The United Kingdom Has Taken Companies' Crypto Assets Under Review

The UK's financial sector regulator, the Prudential Regulation Authority (PRA), is scrutinizing the activities of companies related to crypto assets. The regulatory body has requested that companies submit detailed reports on cryptocurrency transactions by March 2025 to maintain financial stability.

In a recent statement, the PRA emphasized that companies must report their crypto asset positions under the Basel regulatory framework. This framework, implemented by the Basel Committee on Banking Supervision in December 2022, sets the capital adequacy and risk management standards that banks must adhere to for their crypto asset investments.

The regulatory body also requires companies to detail their future plans regarding crypto assets and particularly unauthorized Blockchain uses by September 2029. This comprehensive study highlights that the risks arising from unauthorized Blockchain usage have not been adequately controlled.

Activity in the global cryptocurrency market continues. Hong Kong-based gaming company Boyaa Interactive International announced that it has converted $50 million worth of Ether into Bitcoin. Meanwhile, Metaplanet from Japan has announced plans to purchase an additional $62 million in Bitcoin, in addition to its existing investment of 1,142 Bitcoins.