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The United Kingdom Government has stated that it is ready to authorize the British financial regulator to oversee all cryptocurrency assets, following a warning by parliamentarians that bitcoin and other cryptocurrencies were "wild" Western activities that exposed consumers to a series of risks.
While some crypto-assets are regulated by the Financial Conduct Authority (FCA), many others, such as bitcoin, are not, the Treasury said in its response to a report by the select Treasury Committee published in September, which called for a regulation to protect investors and prevent money laundering.
John Glen, the Treasury and City Treasury Secretary, wrote: "The government will consult at the beginning of next year to assess whether other crypto-assets that have characteristics comparable to specific investments but do not fall within the perimeter. current should be captured in the regulation. "
He said the government has asked the regulator to consider the role of company supervisor in the areas of money laundering and terrorist financing. He added that the government also believed that "the benefits could potentially develop in the future through the use of initial money supply as a means of raising capital".
The FCA regulation would guarantee the existence of formal mechanisms for consumer redress or investor clearing. The committee stated that the UK could become a global center for cryptocurrencies if such protections had been introduced.
The price of bitcoin, the best-known cryptocurrency, rose by over 900% last year to reach a peak of nearly $ 20,000 (£ 15,800) in December, but has since fallen to $ 4,066 (£ 3,205).
The FCA is considering a ban on the sale to consumers of derivatives based on cryptocurrencies like bitcoins, with a consultation to be closed at the end of the year.
Nicky Morgan, who chairs the committee, said: "It is clear that the government and the FCA share the concerns of the cryptocurrency committee, including lack of regulation, minimum consumer protection and anonymity that favors money laundering … The commission will follow these consultations closely and will continue to press for regulation. "
