In response to today’s publication of the Treasury Committee’s report on crypto-assets, Iqbal V. Gandham, Chair of CryptoUK, commented: “As an industry we have been calling for the introduction of proportionate regulation to improve standards and encourage growth, so we welcome the Treasury Committee’s recommendations. Self-regulation by the industry was always intended to be a starting point – this must now be matched by government action. Regulatory oversight is essential to ensuring consumer safety, guarding against malpractice and providing much needed clarity to an industry that is fast maturing. It is therefore pleasing that the Committee has endorsed our suggestion on how this can be delivered by bringing responsibility within the FCA’s perimeter of oversight.
“The Committee rightly recognises that the UK is well-placed to become a global centre for crypto but that it needs Treasury backing to make this a reality. We now call on the Government to take up these recommendations in the forthcoming Crypto Assets Taskforce report and introduce regulation that strikes the right balance between establishing safeguards and enabling the UK to become the global leader in crypto.”
