PRA and FCA have written to firms reminding them of their obligations when interacting with or exposed to crypto-assets and related services.
FCA reminds firms that crypto can offer benefits but also increased risk to both market integrity and consumers – in addition to the well recognised financial crime risks. It has set out some examples of risks that firms should consider.
PRA has reminded firms how its prudential supervisory considerations complement the FCA’s and other regulatory messages. Apart from highlighting the particular risks it expects firms to address, it asks firms to complete a survey on existing crypto exposures and future plans, and asked for its return by 3 June.