Member

There were questions about the risks of crypto assets. One of the reasons that we have this SI in place is that we are aware that there need to be additional regulations here—more than we have for money laundering or for the protection of consumers, as far as advertising crypto currencies is concerned. This is a big issue. The Government take fraud and scams very seriously, and we are developing a new and expanded fraud strategy to further protect the public and businesses from these appalling crimes. The relevant crypto asset firms are already subject to UK financial promotion requirements and, as I said, to the FCA’s money laundering requirements and regulations.