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May 1, 2018

CryptoUK urges government to strengthen regulations in crypto space

CryptoUK, a self-regulatory trade association for the UK cryptocurrency industry, has called on the government to regulate the cryptocurrency sector.

The calls for regulation were in response to an inquiry into cryptocurrencies by the House of Commons Treasury Select Committee.

The trade body has proposed making cryptocurrency investment a regulated activity under the remit of the Financial Conduct Authority (FCA).

It has called for granting of crypto licences to platforms that adhere to know your customer (KYC) and anti-money laundering (AML) norms.

CryptoUK said that the regulations should cover exchanges, brokers and trading platforms that support the interaction between virtual and fiat currencies rather than the cryptocurrencies themselves.

CryptoUK chair Iqbal Gandham said: “Introducing a requirement for the FCA to regulate the “on-off” ramps between crypto and fiat currencies is well within the remit of HM Treasury. Based on our analysis, this could be achieved relatively easily, without the need for primary legislation, and would have a huge impact, both in reducing consumer risk and improving industry standards.”

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