Bitcoin could be overseen by UK’s financial regulator | Technology

The UK government has said it stands ready to empower Britain’s financial regulator to oversee all cryptocurrency assets, after a warning from MPs that bitcoin and other cryptocurrencies were “wild west” assets that exposed consumers to a host of risks.

While some crypto-assets are regulated by the Financial Conduct Authority (FCA), many others, such as bitcoin, are not, the Treasury noted in its response to a report from the Treasury select committee published in September, which called for regulation to protect investors and prevent money laundering.

John Glen, the economic secretary to the Treasury and City minister, wrote: “The government will consult early next year to explore whether other crypto-assets that have comparable features to specified investments but that fall outside the current perimeter should be captured in regulation.”

He said the government had asked the financial regulator to consider taking on the role of supervising companies in the areas of…