UK government to study cryptocurrency risks in more detail
19 Mar 2018

Britain’s government and regulators will look in detail at the potential risks from cryptocurrencies like bitcoin, British junior finance minister John Glen said on Monday.

But there is no global consensus on action.

A meeting of central bankers and finance ministers from the Group of 20 Economies in Argentina on Monday and Tuesday is expected to agree only on more detailed monitoring rather than concrete action.

Britain is not expected to rush to impose draconian rules as it wants to remain a key financial technology, or fintech, center as European countries like France sense an opportunity to lure British firms when Britain leaves the European Union next year.

“The UK is the best place in the world for fintech and my mandate is to ensure it remains such,” said Glen, whose remit covers financial services.

“I hear rumblings across the Channel that (French) President Macron is looking to drag you all over to Paris,” Glen said.

“It’s a great city. Hop over on Eurostar and enjoy the weekend stocking up on croissants, and then come back to London on Monday morning and carry on making money and crack on as you have been.”

The Treasury Select Committee in Britain’s parliament has already launched an investigation into cryptocurrencies, and its chair said regulation needed to keep up with the pace of change as different countries compete fiercely to attract fintech firms.

– By Huw Jones, Emmma Rumney, Reuters, 19 March 2018

Link here to the Reuters article.

Read more:

The compliance and KYC link between banks, bitcoin and exchanges

EU regulators warn cryptocurrency investors could lose all their money

Switzerland issues regulatory guidance for ICOs

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