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PRA Dear CEO: Exposure to Cryptoassets
2nd July 2018
PRA follows FCA footsteps
The PRA go on to suggest three risk management strategies and systems they would consider most appropriate to cryptoassets, these being:
The PRA additionally reminds Firms that, where relevant, they should set out their consideration of risks relating to crypto-exposures in their
Internal Capital Adequacy Assessment Process (ICAAP) which should include:
If you are considering the effectiveness of your current approach to cryptoassets, your regulatory requirements or have a practical compliance challenge that you would like support or advice upon, we would be delighted to hear from you. Just drop an email to our regulatory support team.
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Comment from the PRA:
“Firms should conduct extensive due diligence before taking on any crypto-exposure and maintain appropriate safeguards against all the related risks. This includes not only financial risks, but also operational (including cyber) and reputational risks.”
PRA Dear CEO Letter, 28 June 2018