Whilst the Taskforce appreciates that cryptoassets have the potential to bring benefits to markets, firms and consumers, there remains considerable risks that HMT, the Bank of England and the FCA will take action to mitigate." The UK government’s Cryptoasset Taskforce has submitted proposed measures for bringing cryptocurrencies and distributed ledger technology into the regulatory framework. In a report published today, it outlines how to regulate digital assets in order to protect consumers from fraud, money laundering and other risks. It has committed to establishing which crypto-assets come in the existing regulatory perimeter, and whether this needs adjusting for ones with similar features to specified investments, by the end of 2018. A consultation on prohibiting related derivatives is planned for Q1 2019, while dealing with illegal use of crypto-assets is of high priority.
The UK government’s Cryptoasset Taskforce has submitted proposed measures for bringing cryptocurrencies and distributed ledger technology into the regulatory framework. In a report published today, it outlines how to regulate digital assets in order to protect consumers from fraud, money laundering and other risks. It has committed to establishing which crypto-assets come in the existing regulatory perimeter, and whether this needs adjusting for ones with similar features to specified investments, by the end of 2018. A consultation on prohibiting related derivatives is planned for Q1 2019, while dealing with illegal use of crypto-assets is of high priority.