Today the House of Commons Treasury Select Committee have released their long awaited report following an inquiry into digital currencies.
In addition to written evidence from CryptoUK submitted to the inquiry, CryptoUK Chair, Iqbal V. Gandham, appeared alongside other witnesses in person to give oral evidence.
On the report launch, Iqbal V. Gandham, Chair of CryptoUK, commented:
“As an industry we have been calling for the introduction of proportionate regulation to improve standards and encourage growth, so we welcome the Treasury Committee’s recommendations.
“FCA oversight is essential to ensuring the security of consumers and preventing malpractice.
“We’re therefore delighted at the Committee’s recognition that the UK is well-placed to become a global centre for crypto, if government extends appropriate and proportionate regulation promptly.
“We now call on the Government to take up these recommendations in the forthcoming Cryptoassets Taskforce report and introduce regulation that strikes the balance between ending bad practice and enabling the UK to become the global centre for crypto.