Thanks to crypto, the regulatory arm of the Bank of England said it needs additional funding this year to cover the growing costs of its oversight responsibilities.

The Prudential Regulation Authority (PRA) plans to raise £321m ($419m) by February 2023, a 9% increase on last year, to tackle rising cryptocurrency risks. currencies and other emerging technologies, the regulator said in its annual business plan on Wednesday.

The agency said operational costs have increased since the UK left the European Union, adding that the regulator hopes to add 100 staff with expertise in digital assets.

The budget comes as UK regulators – like their US peers – catch up with crypto regulation. The country’s Treasury recently made headlines when it asked the Royal Mint, the agency responsible for creating Britain’s currency, to mint an NFT.

Earlier this month, the Ministry of Finance decided to prioritize the regulation of stablecoins used for payments. The PRA plans to use a portion of its regulatory budget for this purpose.

“Work will also continue to develop a regulatory framework ready for technological innovations, such as stablecoins,” the PRA said in a statement.

The funds will be collected from regulated companies, including banks, building societies and insurers. In the 12 months to February, the PRA secured £297m ($386m) from these entities.

Regulated companies pay different amounts, depending on size and activity. The fee structure is designed so that companies likely to cause the most damage to the financial system pay more, the PRA said.

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