RATE Group | MPs call for regulation of ‘wild west’ cryptocurrency market
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MPs call for regulation of ‘wild west’ cryptocurrency market

19 Sep MPs call for regulation of ‘wild west’ cryptocurrency market

Posted at 00:15h in Cryptocurrency News by

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The “wild west” world of cryptocurrencies should be regulated by the City watchdog, MPs have said.

In a new report, the influential Treasury Committee has warned that some investors in the blockchain-based assets were not fully aware of the risks and should be prepared to “lose all their money”.

Consumers are currently afforded little protection from risks including hacking, money laundering and volatile prices, according to the report.

“Bitcoin and other crypto-assets exist in the wild west industry of crypto-assets. This unregulated industry leaves investors facing numerous risks,” said Treasury Committee chairman Nicky Morgan.

“Given the high price volatility, the hacking vulnerability of exchanges and the potential role in money laundering, the Treasury Committee strongly believes that regulation should be introduced.”

Bitcoin, Ethereum and a whole host of other cryptocurrencies have gained rapid popularity, with Bitcoin’s value soaring from 900 US dollars (about…

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