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The Bank of England’s Prudential Regulation Authority has issued a data request asking firms to disclose their current and planned exposures to “cryptoassets.” The statement requested firms to disclose their current and expected future “cryptoasset exposures” and to explain their use of the crypto-regulating Basel framework. These assets encompass tokenized assets and stablecoins. Firms have until March 24, 2025, to submit their responses. The PRA emphasized that the information will inform its policymaking, including calibrating prudential frameworks for managing ‘cryptoasset’ exposures. This initiative aligns with the global Basel framework , which guides the prudential treatment of cryptoassets. You might also like: Coinbase delists Tether, other MiCA noncompliant stablecoins Use of tokenized assets and stablecoins The Bank of England is particularly interested in understanding how firms are navigating risks associated with tokenized assets and stablecoins while engaging in crypto-related business activities. Back in July, the Bank for International Settlements partnered with the Bank of England on a pilot project called “Project Pyxtrial” to track stablecoins’ reserves. The project hoped to help regulators with near real-time data on stablecoins’ liabilities and backing assets, utilizing data collection, storage, and analysis technologies. Similarly, the current data collection request aims to analyze the costs and benefits of potential regulatory approaches and establish a baseline for monitoring developments in the sector, according to the statement. Not all firms are required to submit a response. The PRA clarified that only entities with relevant cryptoasset exposures or activities need to provide information. However, firms are asked to complete sections of the data template that apply to their operations. A “nil return” is not required from those without exposure. You might also like: What is Hedera Hashgraph? HBAR crypto explained