Tuesday, May 1,
2018 08.55AM / CryptoUK Release
1. Leading industry body
calls on HM Treasury Select Committee to back fledgling cryptocurrency
industry and demand government action
2. Proposals include HMT
replicating peer-to-peer finance legislation to bring cryptocurrency
platforms under the FCA’s remit.
could be issued to platforms which implement approved KYC and AML
The UK’s leading cryptocurrency platforms have called
on a group of influential MPs to support proposals to regulate the industry in
CryptoUK, the self-regulatory body set up to represent
the sector, has set out new plans for HM Treasury to make cryptocurrency
investment a regulated activity under the Financial Conduct Authority (FCA).
The plans are part of a written response by CryptoUK
to the House of Commons Treasury Select Committee inquiry into digital
currencies, which is currently underway in Parliament.
At a time when ministers are actively considering how
to approach cryptocurrency regulation in the UK, ahead of implementing new EU
anti-money laundering regulation, the inquiry will be significant in
influencing their approach.
CryptoUK’s blueprint includes:
focus on those platforms that are facilitating the interaction between
digital currencies and fiat - exchanges, brokers and trading platforms – not
on the currencies themselves.
HM Treasury should
use powers to grant the FCA new permissions to govern crypto investment –
this can be delivered without the need for Primary Legislation.
FCA should issue
Crypto-Licenses to approved platforms and enforce new requirements
including appropriateness checks on investors, anti-money laundering rules
and operational standards.
Iqbal V Gandham, Chair of CryptoUK,
“Introducing a requirement for the FCA
to regulate the “on-off” ramps between crypto and fiat currencies is well
within the remit of HM Treasury. Based on our analysis, this could be achieved
relatively easily, without the need for primary legislation, and would have a
huge impact, both in reducing consumer risk and improving industry standards.
“This is an approach which is already
working well in other countries, who are now taking the lead over the UK, for
example in Japan and Gibraltar.
“This is a wonderful opportunity for
government to take a proactive stance, putting action where there are positive
words and reinforcing the UK’s role as the world’s financial capital.
hope that the Treasury Select Committee considers these and adopts the ideas
when it puts forward its own recommendations to the Treasury”.
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