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Read the full story here: Bank of England Committee Calls for Enhanced Crypto Regulation to Limit Contagion Latest headlinesĬoinShares Completes Napoleon Acquisition, Can Now Offer Products Across EU The acquisition of Napoleon Asset Management was subject to approval by France's AMF, which was granted on June 28. A systemic stablecoin backed by a deposit with a commercial bank would introduce “undesirable financial stability risk,” according to the report. The Treasury has already announced that the Bank of England is looking into bringing systemic stablecoins into its Special Administration Regime, meaning the central bank would regulate stablecoins that are connected with the wider financial system. “This underscored the need for enhanced regulatory and law enforcement frameworks to address developments in crypto asset markets and activities,” the bank said in its quarterly "Financial Stability" report. That’s on top of more than $2 trillion of market capitalization being wiped out over a period of months. The collapse of Terra’s UST stablecoin in May and crypto lenders including Celsius and Babel Finance freezing withdrawals this month, have focused regulators’ attention on the digital asset industry. The committee focuses on the central bank's role in maintaining financial stability. They might, however, in the future as they become more integrated into mainstream finance, according to meeting summary notes published Tuesday. Noting recent market turmoil, the committee said crypto assets did not yet pose a threat to the wider financial system. The Bank of England’s Financial Policy Committee called for “enhanced regulation” of the crypto asset market to mitigate against potential risks. Nexo aims to use the acquisition to accelerate its presence in Asia.
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Pending due diligence, Nexo will acquire up to 100% of the troubled firm. The London-based crypto lender Nexo announced it has signed a term sheet with Singapore-based Vauld.