• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
UK MPs Urge Regulation for 'Wild West' Crypto Industry

UK MPs Urge Regulation for ‘Wild West’ Crypto Industry

Emilio Janus
by Emilio Janus
6 years ago
·
Posted in News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The UK Treasury Committee published a report on crypto-assets for its Digital Currencies inquiry. In the report, they seem keen on pushing a ‘Wild West’ analogy.


Time Flies…

The Digital Currencies inquiry was launched in February of this year, with a remit to “cover the role of digital currencies in the UK.” This includes the opportunities and risks to consumers, businesses, and the government that digital currencies may bring.

Further, the inquiry will look at the potential of distributed ledger technology to impact financial institutions and infrastructure. The inquiry will also examine how to balance the regulatory response, to provide protection yet not limit innovation. However, the report published today does not address either of these aspects.

Wild West

The chair of the committee, Rt. Hon. Nicky Morgan, MP, comments:

Bitcoin and other crypto-assets exist in the Wild West industry of crypto-assets. This unregulated industry leaves investors facing numerous risks.

These risks are volatile prices, hacking vulnerabilities, minimal consumer protection, and anonymity aiding money-laundering. The report also correctly states that crypto-assets and ICOs are not currently within the scope of the Financial Services Authority (FCA).

The committee believes that there are no well-functioning crypto-currencies, insisting on calling them crypto-assets.

The UK Treasury Committee published a report on crypto-assets for its Digital Currencies inquiry. In the report, they seem keen on pushing a 'Wild West' analogy.

Wild Wild West

The committee finds that the “ambiguity of the UK Government and regulators’ position is clearly not sustainable.” The report states:

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.

The report concludes that, as a minimum, regulations should cover consumer protection and anti-money-laundering (AML).

Gunslingers

The report then seems to pass the buck to the government and regulators, who according to the report, should:

evaluate the risks of crypto-assets, and assess whether their growth should be encouraged.

Good news if the government does want to encourage growth, and agrees with the committee that there is…

Regulation needed for “Wild West” crypto-asset market.

Because…

If the UK develops a proportionate regulatory environment for crypto-assets, the UK could be well placed to become a global centre for this activity.

Parliament London

Deja Vu

The UK has promoted London as a promising FinTech hub for years. The digital sandbox and soft approach to regulation and was to encourage blockchain innovation around the silicon roundabout. What exactly has the committee achieved in the last seven months?

Self-regulatory group CryptoUK formed just before the Digital Currencies inquiry began. They have been promoting a proportionate regulatory environment since then — without any mention of the ‘Wild West’.

For their part, they respectfully welcomed the findings of the Treasury committee. Chair, Iqbal Gandham said:

As an industry we have been calling for the introduction of proportionate regulation to improve standards and encourage growth.

It’s amazing they had the patience to refrain from facepalming.

What are your thoughts on the Digital Currencies inquiry? What about the ‘Wild West’ analogy?


Images courtesy of Bitcoinist archives, Shutterstock.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Emilio Janus

Emilio Janus

Follow

Full Profile

Related Posts

solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

3 days ago
stablecoins

Yuan-Pegged Stablecoins On The Horizon As Beijing Rethinks Policy

2 weeks ago
Bitcoin

Strategy’s Bitcoin Gameplan Faces Dark Outlook As Expert Warns Of ‘Spiral Of Doom’

2 weeks ago
Bitcoin

Bitcoin Strategist Sounds Alarm On Rising Violent Attacks In 2025

3 weeks ago
Trump

Eric Trump Says ETH Shorts ‘Got Smoked’ As Bitcoin, Ethereum Surge

3 weeks ago
XRP

XRP Investors Targeted: Ripple Flags Surge In YouTube Scams

1 month ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    ADA’s path to long-term success: Integrating with...

    7 hours ago
  • Bitget and Bitget Wallet Support Trading of Over 100...

    10 hours ago
  • miner

    XRP Price From a High of $3.65 to a Low of $2.72: How GMO...

    13 hours ago
  • miner

    7 Trending Crypto Mining Apps This Year That Give Free...

    15 hours ago
  • mining

    6 Most Reliable Crypto Mining Software to Help Miners...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.