U.K. Treasury Committee: 'Wild West' cryptoassets should be regulated

The committee published a report on cryptoassets recommending regulation. Some key findings from the report include:

  • The ambiguity of UK regulators position on cryptoassets is not sustainable.
  • The arguments that cryptoassets could further financial inclusion are unconvincing.
  • There is no evidence to suggest that the application of blockchain technology is currently reliably operational.
  • Cryptoasset markets are vulnerable to manipulation, and they fall outside the scope of market abuse rules.
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The committee concluded with recommendations that the U.K. parliament should allow the Regulated Activities Order  (RAO) to apply to cryptoassets. An extension of the RAO would give regulators the legal power to regulate crypto-related activities.

(Source: U.K. Parliament)