England’s Central Bank Intends to Increase Protection of Crypto Investors

John Cunliffe, Deputy Governor of the Bank of England (BoE), has said that after the crash of crypto exchange FTX, the regulator has decided to accelerate the implementation of a mechanism to protect cryptocurrency investors.

For this purpose, the BoE plans to develop such a regulatory framework for the industry that will ensure maximum transparency of transactions with digital assets.

According to the proposed legislation, every investor who wants to get access to virtual currencies should be informed about the risks of investing in an innovative tool. The protection mechanism for crypto traders should be the same as that already in place in the traditional stock market.

The House of Lords will start considering in early 2023 the financial markets bill, which has been developed by the Treasury to regulate the blockchain industry and fintech.