UK's Top 7 Crypto Firms Demand Regulation

UK’s Top 7 Crypto Firms Demand Regulation

CryptoUK, a self-regulating body formed earlier this year by seven of the leading crypto firms in the UK, implores the government for more regulation.

The British Blockchain Industry has been demanding more regulation in the sector for quite some time now but to no avail. CryptoUK has also been trying to persuade MPs to help them by backing their plans for government regulation.

CryptoUK’s exact plans for regulation were presented in a written response to a query on cryptocurrencies by the Treasury Select Committee. The self-regulating body has requested the parliament to grant ‘crypto licenses’ to all crypto companies meeting KYC and AML standards, while also pointing towards a need to bring all crypto firms under the jurisdiction of FCA (Financial Conduct Authority).

FCA is a regulatory body in UK’s financial services industry, independent of the national government. Its key role is to keep the industry stable while also promoting a healthy competition between all financial service firms.

Iqbal Gandham, Crypto UK’s Chairman, said

“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.”

The letter written by CryptoUK also urged the MPs to not just focus on regulating digital currencies but lay guidelines for digital currency exchanges, brokers, and trading platforms.

He added that this approach has worked quite well for leading countries in this field, such as Japan and Gibraltar.

A number of self-regulating bodies are being formed across the world in an attempt to urge their respective national governments to make new laws for the crypto industry. Several bodies have already formed in Slovenia, Japan, and Croatia, while DABFI, a foundation, was created way back in February 2017 by Indian crypto firms.

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