UK Treasury Committee: Local Crypto-Trading Market Known as “Wild West” Must End
British lawmakers have called for the regulation of the domestic cryptocurrency market which they claimed to be the “Wild West”. “Wild West” of crypto-assets such as Bitcoin, should be regulated to protect consumers from volatile prices and hacking, and Britain should be prepared as a legitimate home for the trading of digital currencies.
The Treasury Select Committee said it “strongly” believes the government must introduce new laws to crack down on digital currencies. The Treasury Select Committee argues those who dabble in crypto-currency are at risk of gambling away their life savings.
There are now more than 1,500 varieties of crypto-asset being traded on about 190 exchanges around the world. At present, the FCA has no power to regulate either the issuers of these assets or the exchanges on which they are traded. “Crypto-asset investors are currently afforded very little protection from the litany of risks.
Crypto-assets have surged in popularity over the last twelve months after soaring values caused a rush of interest from retail investors looking for big returns. But regulators have warned that digital currencies such as bitcoin and Ethereum are highly volatile, while some critics have said they are essentially worthless.
“As the government and regulators decide whether the current Wild West situation is allowed to continue, or whether they are going to introduce regulation, consumers remain unprotected,” said the Treasury Committee.
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