BoE speech: lessons from the “crypto winter”

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.