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The bank angered City by increasing fees for crypto by 9%.

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HE Bank of England asks The city companies for a 9% increase in fees this year so they can pay to explore new risks such as cryptocurrencies.

This increase of £ 24.3 million to £ 321 million is likely to be met with anger by some in a city where there has been a sharp slowdown in business since the beginning Ukraine war.

The bank says it needs 100 new employees to explore the “new policy responsibilities” it has acquired since Brexit. He also wants to watch the crypto-trading boom, often by inexperienced investors.

Earlier, banks warned that they should be “especially careful” when working with crypto-assets such as bitcoin.

Deputy Gov. Sam Woods said: “In order to play an expanded role as a rulemaker and focus more on operational sustainability, we will need to increase our resources this year with a budget that will allow us to employ about 100 more people than last year. . budget “.

City officials are already privately complaining that the Bank and the FCA are taking too much time looking for surveys on a huge number of issues, many of which are related to the pay and employment of minorities.

David Buick of the Aquis Exchange said: “Allies of cryptocurrency, blockchain and bitcoin have asked the Bank of England and the FCA to play a leading role in regulating these new instruments, whose popularity has grown like wildfire. Authorities were in no hurry to take full responsibility, and frankly, ask the market to raise the inflation tab a little profusely. Honestly, why should it be? ”

In March, the Bank began developing Britain’s first regulatory framework for cryptocurrencies, saying that although the sector remains small, its rapid growth could pose a risk to financial stability in the future if not regulated.

Crypto assets have come under scrutiny amid fears they could be used to circumvent financial sanctions imposed on Russia after its invasion of Ukraine.

While cryptocurrencies are unlikely to be a possible way to circumvent large-scale sanctions today, the possibility of such behavior underscores the importance of innovation in cryptocurrencies, accompanied by an effective public policy framework to … maintain greater confidence and integrity in financial system, “the Financial Policy Committee of the Bank of England (FPC) said in a statement. statement.

The bank angered City by increasing fees for crypto by 9%.

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