Sir Jon Cunliffe, BoE Deputy Governor – Financial Stability, has delivered a speech in which he set out what he thinks are the lessons from the recent instability and losses in crypto markets (also known as the “crypto winter”). Highlights include:
- technology cannot remove all financial risks;
- regulators should continue and speed up their work;
- future regulation should be designed on the principle of ‘same risk, same regulation’; and
- appropriate regulation will support innovation.