HM Treasury: ‘Wild West’ Crypto Industry Needs Regulation (And Needs It Now)

As reported by The Guardian, the committee has blamed UK government and associated regulators for failing to regulate an industry that — as is often stated — assists in money laundering.

While money laundering is a common concern among regulators, there has been little concrete evidence to suggest that cryptocurrencies’ primary use is for criminal activity. In fact, one might argue that the use of digital currencies for money laundering is less efficient than using fiat cash — which is most certainly not always recorded on public or private ledgers.

‘Be Prepared to Lose All’

The focus of the committee’s conclusions focuses firmly on consumer protection and anti-money laundering measures. On the first topic, it claims investors should be ready to “lose all of their money” — a sentiment shared by the Financial Conduct Authority (FCA).

For Your Own Benefit

Meanwhile, the Treasury wants everyone to know that they are only looking out for everyone’s best interest. It should also be noted that the Treasury’s interest also likely stems from the fact that Bitcoin and other cryptocurrencies threaten to undermine traditional financial institutions. What do you think of the Treasury select committee’s opinion on the need for cryptocurrency market regulation? Let us know in the comments below!