CryptoUK Urges Members of Parliament to Back Cryptocurrency Regulations
CryptoUK, a self-regulatory body set up to represent the cryptocurrency sector urged MPs to regulate the industry. CryptoUK claimed that MPs need to back proposals to regulate the industry in the UK which include the replication of P2P finance legislation to bring platforms under the Financial Conduct Authority (FCA) remit, and ‘crypto-licences’ given to those that adhere to KYC and AML standards. Iqbal V Gandham, chairman of CryptoUK 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."
Read more here
