Britain says it may ban some cryptoasset consumer products
31 Oct 2018

Britain may ban some retail financial products based on bitcoin and other cryptoassets and widen its regulatory net to capture potentially “illicit activity” that could harm consumers and markets, a government-backed taskforce reported on Tuesday.

The report from the finance ministry, Bank of England and Financial Conduct Authority begins to thrash out Britain’s policy and regulatory approach to cryptoassets including tokens issued by initial coin offerings (ICOs).

“The Taskforce has concluded that strong action should be taken to address the risks associated with cryptoassets that fall within existing regulatory frameworks,” the report said.

“Further consultation and international coordination is required for those cryptoassets that pose new challenges to traditional forms of financial regulation, and fall outside the existing regulatory framework,” it added.

– By Huw Jones, Reuters, 30 October 2018.

Link to Reuters.

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