Upper Tribunal Crypto exchange
What has happened?
It was announced in July 2022 that the Treasury Committee has launched an inquiry into cryptoasset compliance which will explore their role in the UK. The inquiry will explore three key areas; the risks and opportunities that cryptoassets could bring to consumers, businesses, and the economy, the impact of new technology on financial institutions and financial infrastructure, and the regulatory response to cryptocurrencies.
Further details on the inquiry are available here.
What are the key points?
A written response has been requested in a variety of areas, including on the impact of cryptocurrencies on social inclusion, the environmental costs of cryptoassets, and the potential of a central bank digital currency.
The Committee’s focus on regulation will explore the effectiveness of previous regulations, especially around financial promotions and money laundering, as well as the potential for future regulations to enhance consumer protection while still allowing innovation, and whether regulators are suitably equipped to implement them.
The Committee is also keen to hear in this connection from experts in other countries on how governments and regulators are approaching cryptoassets.
How can we help you with your cryptoasset compliance?
If you’d like to know more about how we can help you with your cryptoasset compliance, or any other regulatory compliance issues, our specialist team is here to help.
Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.