UK Treasury Committee: Local Crypto-Trading Market Known as “Wild West” Must End

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British lawmakers have called for the regulation of the domestic cryptocurrency market which they claimed to be the “Wild West”. “Wild West” of crypto-assets such as Bitcoin, should be regulated to protect consumers from volatile prices and hacking, and Britain should be prepared as a legitimate home for the trading of digital currencies.

The Treasury Select Committee said it “strongly” believes the government must introduce new laws to crack down on digital currencies. The Treasury Select Committee argues those who dabble in crypto-currency are at risk of gambling away their life savings.

There are now more than 1,500 varieties of crypto-asset being traded on about 190 exchanges around the world. At present, the FCA has no power to regulate either the issuers of these assets or the exchanges on...

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