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UK Government To Solve Issue Of Crypto Market Regulation

Published: 21/09/2018
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What is it for?

Members of the UK Parliament compared crypto industry with the Wild West, where the investor's notes are subject to constant risks. According to the statement of the Treasury Select Committee, digital currencies require urgent regulation measures, The Guardian reports.

 

As follows from the Committee’s report, traders are still not protected in the crypto sphere, and this aggravates the situation with money laundering to some extent, while regulators don’t take any action.

 

Nicky Morgan, the representative of the Conservative Party and head of the Committee, described the situation as unstable. According to her, bitcoin and other digital assets are experiencing their “Wild West” era. Given the high volatility of the exchange rate in the market, the easily vulnerable system of protection against hacking, as well as the alleged participation in money laundering, the crypto industry certainly needs to be regulated, Morgan stated.

 

The representatives of the Financial Conduct Authority (FCA) confirmed the fact that cryptocurrencies are not a very good choice for retail investors as in this case they should be ready for a complete loss of funds.

 

According to the statement of the press secretary of the Treasury, this year a task group for the detailed study of crypto assets and their possible risks and benefits for both the consumer and the economy as a whole has already been created.

 

As previously reported, the Canadian government postponed the date of the final adoption of guidelines for the crypto market regulation until the end of 2019.

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