Approaching the tenth anniversary since Bitcoin first came on the market in January 2019, the UK Treasury Committee are calling for the regulation of the crypto-currency industry.
As confidence in blockchain technology grows and trading in crypt-currencies increases it will be important to establish a regime which encourages innovation whilst protecting the investor. It will be interesting to see how the UK government strike that balance.
“Bitcoin and other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks,” Morgan said. “Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury committee strongly believes that regulation should be introduced.”