UK Treasury Committee demands legal regulations of Crypto Market

According to BBC report from September 18, the U.K. Treasury Committee wants to get protection to all investors of crypto market initiating legal regulations. MPs committee in the House of Commons insisted on getting a solution to such problems connected with cryptocurrency market as listing price volatility, badly protected consumers, high chances of hacker attacks, […]

By - September 21, 2018

According to BBC report from September 18, the U.K. Treasury Committee wants to get protection to all investors of crypto market initiating legal regulations.

MPs committee in the House of Commons insisted on getting a solution to such problems connected with cryptocurrency market as listing price volatility, badly protected consumers, high chances of hacker attacks, and money laundering.

BBC says that the Financial Conduct Authority was forced to conduct supervision of crypto coins despite the fact that this organization has no legal right for their regulation.

Nicky Morgan, the chair of the Treasury Committee, called it not sustainable for governmental representatives and regulators to speak up non-proven warnings and prevent investors from taking actions. However, she says that the main goal of regulation is to protect consumers and prevent money laundering.

The Treasure Committee states that every cryptocurrency consumer is not protected until the introduction of regulations and without that, the following Wild West situation will go on.

The suggestions of the Committee have been noted by CryptoUK, a self-regulatory trade association for the U.K. cryptocurrency industry. The head of this organ Iqbal Gandham said about the importance of achieving safety for consumers, prevention of malpractice and adding clarity to this fast-developing industry.

In spring, CryptoUK turned to the Committee with the request to offer regulations as it is very important to understand what role crypto coins play in the country and what risks they hold behind their back for consumers, companies and country.

CryptoUK also suggested to provide the FCA with additional competencies which could heal in controlling cryptocurrency industry. According to the organization, the main focus of regulations should be on trading websites and brokers but not on the Assets.

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