The Bank of England called on policy makers to beef up the global framework for regulating cryptocurrencies to prevent them from threatening the wider stability of financial markets.
The U.K. central bank’s Financial Policy Committee suggested the role of prudential and market integrity regulators should be expanded and their coordination increased.
The remarks reflect concern that the $1.7 trillion crypto market is now big enough that it could unsettle the broader financial system in times of strain. Its larger than the $1.2 trillion market of sub-prime mortgages, which triggered a global crisis more than a decade ago.
“Enhanced regulatory and ...