The U.K.'s financial watchdog “is sending a strong signal that it is worried about the dangers of investing in cryptocurrencies."
Complying with the switch to alternative risk-free rates will be a massive undertaking for financial institutions and other companies.
Are ever-growing compliance costs just the price of admission to the global economy?
"A commitment to continued open markets is at the heart of the future," says the head of the U.K.'s financial watchdog.
The U.K. Financial Reporting Council is looking at whether KPMG adequately reported on Bank on New York Mellon's compliance with safe-keeping rules.
