Citi UK Head Says Regulators Must Review Crypto Curbs on Banks

Citi UK Head Says Regulators Must Review Crypto Curbs on Banks

Financial watchdogs should revisit the “prohibitive” treatment of lenders’ crypto holdings and ensure those assets aren’t forced into the shadow banking sector as the market grows, according to Citigroup Inc.’s UK country head Tiina Lee.

Citi UK CEO Warns Crypto Rules May Fuel Shadow Banking

Citi UK’s Tiina Lee said banks may avoid crypto due to high capital demand rules. She asked if crypto should stay supervised or move outside secure financial systems. BIS says stablecoins fall short as money, citing weak safeguards and settlement. Citi UK CEO Tiina Lee urged financial regulators to revisit the rules governing crypto assets for banks, warning that they could drive digital assets into unregulated zones. Speaking at TheCityUK’s ann…

Citi UK CEO: Regulators Should Not Force Crypto Into Shadow Banking Sector

Citi UK CEO Tiina Lee said regulators should not place restrictions on banks’ crypto holdings that drive them into the shadow banking sector.