- CryptoUK says government must regulate now or risk missing out on the biggest technology since the internet.
- Exchanges could be brought into remit of financial services rules.
- Consumers and innovators both set to benefit from regulation.
The Chair of the cryptocurrency industry’s leading trade body, CryptoUK, has given evidence to the powerful Treasury Select Committee in Parliament today.
Iqbal V. Gandham, Chair of CryptoUK, gave warned UK politicians that the UK risks missing out from the global cryptocurrency economy if it fails to bring the sector within the remit of financial services regulation.
Mr Gandham, who is also UK Managing Director of eToro, called on government to take a straightforward, light-touch approach to regulation, by bringing cryptocurrency exchanges within the remit of the Financial Services and Markets Act.
Commenting afterwards, Mr Gandham said:
“Regulating the points where cash is converted to crypto and visa versa is a simple solution to the serious concerns currently tarnishing this technology.
“It offers a clear means to tackling illegal activity and protecting consumers, whilst enabling the best of this industry to flourish.
“But government must act quickly. Without regulation, the UK risks falling behind the rest of the world.
“We made this mistake to our cost 25 years ago with the rise of the internet – the UK economy cannot afford to do so again.
“Regulatory certainty is crucial to promoting innovation for the future”.