UK Treasury committee says “Wild West” cryptoassets should be regulated

The UK’s Treasury Committee published a unanimously-agreed report on crypto-assets for its Digital Currencies inquiry.  The Treasury Committee provides oversight of public bodies such as the UK’s finance ministry, as well as the Bank of England and financial markets regulator, the FCA.

The report’s key findings are:

  • Regulation needed for “Wild West” crypto-asset market
  • Problems include volatile prices, hacking vulnerabilities, minimal consumer protection, and anonymity aiding money laundering
  • Blockchain is currently slow, costly and energy-intensive, but there is potential for data storage uses
  • The ambiguity of the UK Government and regulators’ position is clearly not sustainable
  • Regulation could improve customer outcomes, enable sustainable growth, and reduce certain risks
  • In deciding the regulatory approach, Government should decide if growth should be encouraged
  • Proportionate regulation could see the UK well placed to become global center for crypto-assets

Read the full release

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