UK Traders Ask the Government to Put Regulations on Cryptocurrency Market

May 02, 2018 at 17:29 // News
Author
Coin Idol

British crypto traders are dissatisfied with the current situation on the financial market. They asked the government and the Financial Conduct Authority (FCA) to enact tougher rules for the trade of virtual coins and to certify crypto exchanges that show compliance.

According to reports, Iqbal V Gandham, chair 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.”

CryptoUK, the first self-regulatory trade association for the country’s crypto market, has expressed an intention to make digital currency trading a legitimate process regulated by the FCA. The initiative is a part of a written response to the House of Commons Treasury Select Committee request on trade coins, which is being examined by Parliament. 

The association suggests that all cryptocurrency exchanges, brokerages, and trading platforms that deal with crypto coins, including bitcoin and its altcoins, should follow these new rules. The FCA is seen as an institution that will issue licenses to the platforms that prove their compliance with requirements, such as conducting appropriate checks on investors, obeying anti-money laundering policy, and following operational standards.