British MPs Called Upon to Implement Crypto Regulation

A self-regulated agency in the UK, CryptoUK, has asked for a regulatory oversight for the market of Cryptocurrency in the entire region.

Responding to an Inquiry

While making a response to an inquiry that was undertaken by a Treasury Committee into the digital coin, this trade organization has given proposals and has a request to the Members of the Parliament. The body is asking the MPs to place the Cryptocurrencies under FCA {Financial Conduct Authority} jurisdiction.

This trade group brought in proposals on the best way a regulated UK Cryptocurrency industry would appear and requested a section of the MPs to support the ideas that it has.

CryptoUK is listed among some of its member groups exchanges such as Coinfloor, eToro, and Coinbase among others. Among the suggestions that CryptoUK is making is a Crypto-License. The license would be assigned to KYC- and AML – compliant virtual currency exchanges, trading bodies, and brokers.

However, these platforms must be the ones that support both digital and fiat currency supported operations. The licensed exchanges could end up opening the floodgates for liquidity and it could also offer the last effort to organizational capitalists that have, for a long time, been on the sidelines.

While commenting on the matter, CryptoUK Chairman, Iqbal V stated that the introduction of an FCA requirement that would regulate the trading between fiat and Cryptocurrencies would be the best thing to ever happen in this market.

The CryptoUK’s chairman who also doubles up as the Managing Director for eToro UK added that the move is right within the HM Treasury remit and it would greatly help in improving the standards of the market, as well as lowering the consumer risk.

Further Advice from Professionals

Speaking further on the matter, the group has advised that crypto regulations should only be kept with the realms of the stated intermediaries instead of just emphasizing only on the virtual currencies.

According to CryptoUK, the HM Treasury could still depend on the policy of peer-to-peer that is currently available in this market. This is what will help them in covering the investment of virtual currency under the purview of the financial regulator.

The approach that members of both Gibraltar and Japanese parliament are taking is what CryptoUK cites as the best path that should be followed. It referred to it as a great opportunity that would allow governments to pick up a proactive stance and regulate the whole industry.

It would also reinforce the role of the United Kingdom in the global financial capital.

Proper Regulation is the Only Way

CryptoUK strongly believes that despite how widespread the market for virtual currency has grown, the United Kingdom would still not reach its goal as the international market head if it doesn’t consider regulating the market.

It can be remembered that this digital coin-trading platform is not the first one to have asked for regulation of the whole market. There are a couple of others that did that in the past. It is just a matter of time to see if this will come to pass.