The Bank of England's Financial Policy Committee believes that crypto's rapid growth and development will present a number of financial stability risks, according to the BOE's December Financial Stability Report. "Such cryptoassets have no intrinsic value, are vulnerable to major price corrections and so investors may lose all their investment," the report says. Recall towards the end of May, BOE Governor Andrew Bailey called cryptos dangerous. Similar to the U.S., the BOE says enhanced regulatory law enforcement frameworks, both domestically and at a global level, are needed to influence developments in the crypto space. Meanwhile, "the FPC considers that financial institutions should take an especially cautious and prudent approach to any adoption of these assets until such a regime is in place." Similarly, the Office of the Comptroller of the Currency recently said it's approaching crypto-related activities very carefully. The world's largest crypto by market cap, Bitcoin (BTC-USD -7.1%), falls
