BoE asks financial firms for £24m more to keep track of risks from crypto assets

The Bank of England’s Prudential Regulation Authority said it also increasing staff numbers owing to its expanded role a ‘rule-maker’. Photograph: Dan Kitwood/Getty Images

The Bank of England is asking lenders and insurers to pay an extra £24m so it can hire 100 extra staff and keep track of new risks, including those linked to crypto assets.

The central bank’s Prudential Regulation Authority (PRA), which is in charge of managing systemic risks across the financial sector, said it was expanding its 1,341-strong workforce in response to “new policy responsibilities” that also included setting the UK’s own rules after Brexit.