UK Crypto Scene Remains a 'Wild West' Amid Regulatory Uncertainty

It's the word on the crypto community's collective mind: Regulation.

For the U.K.'s Right Honorable Nicky Morgan MP, Chair of the Treasury Committee, cryptocurrency is a wild "Wild west."

Protocol in regulation scenarios such as this has required a great deal of controversy before achieving a level result.

Her position regarding cryptocurrency in the U.K. remains that regulation is not sustainable, nor is the U.K. government transparent in its plans to utilize cryptocurrency.

"Bitcoin and other crypto-assets exist in the Wild West industry of crypto-assets. This unregulated industry leaves investors facing numerous risks. Given the high price volatility, the hacking vulnerability of exchanges, and the potential role in money laundering, the Treasury Committee strongly believes that regulation should be introduced."

"If the government decides that crypto-asset growth should be encouraged, appropriate and proportionate regulation could see the U.K. become a global centre for this activity."

The Committee does acknowledge the EU's fifth AML Directive as a progressive indication that blockchain use could adapt to U.K. laws.

As the U.K. continues to adapt its transaction policies, the certainty of regulation becomes a reality more than a concept.

"Regulation is the biggest question mark in the blockchain industry right now, and the sooner sensible regulation is brought in the better. Regulation will remove the bad actors in the industry and ensure investors are protected."

"We see the opportunities that blockchain technology can bring to financial services, in that it can open up new routes of funding for established businesses. In a time of uncertainty in the U.K., we would welcome clarity from British regulators to make U.K. the global leader in blockchain technology."