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UK MPs Call for Crypto Regulation to Make Virtual Coin Market Secure, Sustainable

Published 09/20/2018, 12:52 PM
Updated 09/20/2018, 02:00 PM
 UK MPs Call for Crypto Regulation to Make Virtual Coin Market Secure, Sustainable

British MPs have urged the government and financial regulators to oversee the digital currency sector on investor protection grounds, a report by the Treasury Committee has revealed. In the report issued on Wednesday, the lawmakers claimed that introducing a regulatory framework would make the virtual coin market mature and help resolve existing problems like price volatility and fraudulent activities.

At the moment, the crypto world is a “wild west” as there are limited state tools for investor protection against hacks, scams, misleading advertisements, or pump and dump schemes. The MPs want changes in the current financial laws that will enable the Financial Conduct Authority (FCA) to oversee the virtual coin industry as now the regulator can only issue warnings.

The UK government, FCA, and the Bank of England should evalu...


This article appeared first on Cryptovest

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