The Treasury Select Committee along with the influential group of MPs has recently mentioned that Wild West of crypto assets such as bitcoin must be regulated to protect customers from unstable prices and hacking. This unregulated industry leaves investors facing numerous risks and they certainly believe that the government should introduce new laws to crack down on digital currencies. It commends that, at least, regulation must address consumer protection and anti-money laundering (AML).
Several crypto exchanges have been hacked, with customers losing all of the assets in their accounts while other sites have blocked people from accessing their accounts after they lose their password. Nicky Morgan, chair of the Treasury committee, mentioned that given the huge price volatility the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury Committee strongly believes that regulation should be introduced.
According to the members of the committee, if the government decides that crypto assets growth should be encouraged, then the balanced regulation could see the UK become a global center for this activity. He further added that it’s unexpected for the Government and supervisors to hesitate along delivering warnings to potential investors, yet desist from doing, as stated in Independent.
As per the Treasury committee, cryptocurrency exchanges were at increased risk of cyber-attacks, and some retail investors who lost their passwords had found themselves locked out of their accounts permanently and keeping this in mind now it should be regulated and dealt properly so that bitcoin industry could be an opportunity for many countries, as mentioned in the Guardian.
On the other hand, Iqbal Gandham, the chair of CryptoUK has welcomed the report and stated that self-regulation by the industry is very much needed from the starting point. The FCA has agreed with the committee’s conclusion that bitcoin and crypto assets are suited to retail investors and it is time that it should even match the government action.
The post Bitcoin And Other Crypto Assets Exist In The Wild West Industry Says Morgan, Chair Of Treasury Committee appeared first on OWLT Market.
from OWLT Market https://ift.tt/2O06YpN
via IFTTThttps://ift.tt/2OlCCL9
No comments:
Post a Comment