The Treasury Committee has published the responses from the UK Government and the Financial Conduct Authority to its 19 September 2018 report on crypto-assets.The main recommendation from the report was that regulation may be needed for the “Wild West” crypto-asset market and that they should be brought within the scope of the FCA. It concluded that proportionate regulation could see the UK as well placed to become a global centre for crypto-assets. In response, the UK Government and the FCA agree that the risks, associated with crypto-assets, to consumers and market integrity, as well as their potential use for illicit activity, must be mitigated. As such, they are committed to consult on: (i) perimeter guidance for security tokens; and (ii) regulating ICOs, exchange tokens and related firms. The FCA, together with the Cryptoassets Taskforce, will continue to monitor developments in the market both domestically and work with international partners.

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