Today Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA) gave a
speech that outlined the areas where the UK may regulate crypto assets. He was talking at the Regulation of Cryptocurrencies event in London. His speech follows the publication two weeks ago of a
report by the Cryptoassets Taskforce, a joint investigation by the FCA, Bank of England, and HM Treasury.
Although the report covered both crypto assets and distributed ledger technology (DLT), the speech only touched on crypto assets.
Woolard pointed out that the Taskforce could see a role for crypto assets, particularly in financial innovation such as international remittances. However, the Taskforce identified three significant potential harms. The first is the risk of loss to consumers. Secondly is the potential damage to market integrity. Here the Taskforce agrees with the
Financial Stability Board that there is no current stability risk, but it’s important to remain vigilant. Thirdly is the risk of financial crime.
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Image Copyright: FCA
