For this year’s monitoring obligations, the Bank of England’s regulatory arm believes it will require more funds.
PRA wants to raise 321 million pounds ($419 million) by February 2023, a 9 percent rise from last year’s total, to address the mounting risks surrounding cryptocurrencies and other new technologies, according to the regulator’s annual business plan released Wednesday.
As a result of the United Kingdom’s withdrawal from the European Union, the agency says its operating expenses have risen. It adds that the regulator aims to hire 100 new workers with expertise in digital assets.
UK authorities, like their American counterparts, are scrambling to keep up with the ever-changing landscape of crypto legislation. A recent request by the country’s Treasury to the Royal Manufacture, the body in charge of manufacturing British money, to mint an NFT has garnered media attention.
Stablecoin regulation was given top priority by the finance ministry earlier this month. The PRA intends to allocate a portion of its regulatory budget in this manner.
The PRA stated in a statement that it will continue to work on building a legal environment that is suitable for technical advances like stablecoins.
Banks, building societies, and insurance companies will be required to contribute. The PRA received 386 million dollars from these organisations in the last year.
Firms subject to regulation are required to pay fees that vary in accordance with their size and activity. The PRA claimed that the charge structure is meant to ensure that the businesses that pose the greatest risk to the financial system pay the most.
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