Additionally, the FATF’s guidance and standards are being reviewed to determine if changes are necessary to clarify their application to virtual currencies/crypto-assets and promote a more consistent regulatory approach, taking into account the results of FATF’s stocktake exercise of the different national regulatory approaches. We must therefore follow progress made on this matter and adapt our legislation accordingly.
Andy Haldane highlights the risk of this, given that trading is occurring faster than human comprehension.3 One concern that the report highlights in this regard is whether PBs are adequately pricing the risk in the provision of their services.