as declared in By Molly Jane Zuckerman Bank of England: Deputy Governor Warns Financial Institutions of Crypto Asset Risks12581 Total views 171 Total sharesNewsA Bank of England deputy governor has written a letter of warning Thursday, June 28, to CEOs of financial institutions about the risks of exposure to crypto assets. Sam Woods, the Deputy Governor and CEO of Prudential Regulation Authority (PRA), began the letter by reminding the institutions of their obligations to PRA rules, including acting in a prudent manner, having effective risk management systems and strategies, and cooperating with regulators. The provides guidelines for dealing with crypto-assets, highlighting the need for the "highest levels of executive management" to assess involvement with the crypto asset class. Firms must ensure that they are not engaging in "excessive risk taking" and should "conduct extensive due diligence before taking on any crypto-exposure and maintain appropriate safeguards against all the related risks."Wood does note the "significant potential" of distributed ledger technologies, like blockchain, to improve the efficiency of the traditional financial system in the future. Last week, the Bank of England had announced plans to rebuild its Real Time Gross Settlement (RTGS) system so that it can interface with private business and platforms using distributed ledger tech.
collected by :Irax John
Payments Giant Qiwi's Execs to Launch Russia's First Crypto Investment Bank
Representatives of Russia-based payment services provider Qiwi have created the first crypto investment bank in the Russian market. Following the ICO, which is under preparation, HASH will attract interest from international funds that focus on investing in digital assets. Barinsky said the project will receive its commission after a company raises funds in the market, a classic investment banking service monetization model being used in the digital assets market. Also read: Russian Crypto Firm Qiwi is working on a blockchain energy project in CrimeaTraditional Investment Bankers ReservedTraditional investment banking observers were reserved about the project. Blockchain technology, however, is suited for both traditional corporate banking and investment banking, according to the VTB Group press service.according to
collected by :Irax John