British Regulator Increases Budget by £24M Due to Crypto-associated Risks

The Prudential Regulation Authority (PRA) of the Bank of England has increased the budget for the upcoming fiscal year. The additional funds will be used to combat the risks associated with digital assets.

According to the plan, the total amount for the year will be £320.9m. Compared to the previous period, the budget increased by 8.2% (£24, 3 million).

The PRA is responsible for financial security. As part of the new plan, the regulator is going to mitigate “potential risks,” including those arising from companies’ access to digital assets.

The department asked legal entities to report on investment plans with cryptocurrencies, problems and ways to solve them. PRA also intends to work with international partners, including the Basel Committee on Banking Supervision.