Our members, comprising leading companies from across the sector, believe that cryptoassets can help enhance the way we undertake financial transactions, to the benefit of consumers, business and security.
Together, we are working to help educate politicians and regulators about the cryptoasset industry, and to work with them in developing an appropriate operating framework for the UK.
We believe that by working together we can ensure that the UK fulfils its potential to be a global leader in this exciting new industry.
Since our formation, we have shone a spotlight on the need for a supportive regulatory framework for cryptoassets in the UK. Following the launch of our campaign, the UK government has launched a Cryptoassets Taskforce, which published its final report in 2018.
As well as working with policymakers, we also represent the crypto industry in relation to the broader financial system and other stakeholders. This includes work to help enable cryptoasset firms to get full access to financial services.
CryptoUK sets a high standard for the industry and we see self-regulation as an important stepping stone to full regulation. Our members sign up to a robust Code of Practice, which includes provisions on know your customer (KYC) and anti-money laundering (AML) checks.
2019 is a vital year for cryptoasset regulation in the UK, with a series of consultations led by HM Treasury and the Financial Conduct Authority. As an organisation, we are working proactively with regulators to ensure a proportionate, effective regulatory framework for cryptoassets in the UK, learning lessons from other jurisdictions across the globe.
Who we represent:
- A marketplace where traders can buy and sell cryptoassets using either fiat or alternative cryptoassets.
- Trading platform/brokers: A service by which you can buy and trade cryptoassets at a price set by the brokerage.
- Comparison sites: Websites which provide data to compare the different rates of cryptoassets.
- A third-party facilitator of payments and transactions.
- Asset Managers: Facilitators of investment and trading of cryptoassets.
Key Position Statements 2020
Below are the three primary areas where we will be focussing our lobbying and advocacy efforts:
1. CryptoUK seeks to work with policymakers toward establishing a fair, transparent, and consistent approach for FCA regulated financial institutions to risk assess a digital asset related business in the UK to open a bank account.
2. CryptoUK seeks to engage regularly with HMT to support policy maker education around emerging digital asset trends and business models.
3. CryptoUK seeks to establish with policy makers a balanced, fair and consistent approach to the governance and oversight of the sale of investment products referencing crypto asset to retail clients (futures, swaps, ETF’s, leverage products, etc)