Responding to the Deputy Governor of the Bank of England’s letter outlining the PRA’s expectations regarding firms’ exposure to crypto-assets, Iqbal V. Gandham, Chair of CryptoUK said:
“It is important to stress that the majority of firms within the cryptocurrency sector operate to a high standard, replicating existing models of compliance and best practice for financial services firms. Nonetheless, the concerns raised by the Deputy Governor support CryptoUK’s calls for regulation, set at an appropriate level that allows firms operating within the sector to grow and flourish.
“Currently, the risks from cryptocurrencies largely stem from low levels of consumer knowledge and a lack of an appropriate regulatory framework surrounding them.
“The UK has the potential to become a world leader within the crypto economy. We urge governments and regulators to ensure that the UK is well-positioned to seize the opportunities that this sector could bring.”
Background:
CryptoUK is the first self-regulatory trade association for the UK cryptocurrency industry, established to promote higher standards of conduct.
Members believe that cryptocurrencies can help enhance the way we undertake financial transactions, to the benefit of consumers, business and security.
CryptoUK will look to educate politicians and regulators about the cryptocurrency industry, and to work with them in developing an appropriate operating framework for the UK. CryptoUK members believe that by working together we can ensure that the UK fulfils its potential to be a global leader in this exciting new industry.
CryptoUK’s Code of Conduct and Principles can be found at http://www.cryptocurrenciesuk.org.
ICOs: The Association does not currently represent ICOs, but a working group is considering this issue and the potential for a specific self-regulatory framework.
Source: CryptoUK
