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

1 min
Updated by Adam James
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In Brief

  • Typical Arguments of Consumer Protection and Anti-Money Laundering Cited
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British MPs on the Treasury select committee have declared that cryptocurrencies like Bitcoin are “wild west” assets that need immediate regulation — as they pose a substantial risk to investors.
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.
Nicky Morgan
Nicky Morgan MP
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). empty wallet

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! 
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Dani Polo is the Head of SEO at BeInCrypto.com. For over seven years, Daniel provided SEO for companies ranging from small businesses all the way up to Fortune 500 corporations. He is heavily focused on Fintech and Finance sector. Daniel earned his Bachelor of Science in Computer Science from Universitat Politècnica de Catalunya. He also has certifications from YCombinator Startup School, SEMRush and Hubspot. He’s currently focused on machine learning and artificial intelligence.
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