The Bank of England’s deputy governor Sir Jon Cunliffe has doubled down on the need to regulate cryptocurrency in the wake of FTX's collapse, despite concerns from some corners of traditional finance that the implosion shows the sector is too dangerous to legitimise through rule-making.

“Whether or not one thinks it is sensible to invest or trade in the highly speculative assets that make up most of the activity in the crypto world, investors should be able to do so in transparent, fair and robust marketplaces, with the protections that they would get in conventional finance,” Sir Jon told a digital assets conference at the Warwick Business School on 21 November.