Britain must tame its “Wild West” cryptocurrency market ahead of the launch of Facebook’s Libra coin, Treasury Committee chair Nicky Morgan has said, as current regulations are still “not fit for purpose”.
On Tuesday, Facebook revealed plans for a global cryptocurrency which it hopes will see billions of people buying its digital coin to make payments and send money.
But cryptocurrencies remain in a legal grey area in the UK. While some have been treated as securities and subject to regulations, others have been spent and traded with little oversight on digital currency exchanges.
“The current regulatory regime for crypto-assets — if it can be called one at all — is not fit for purpose,” said Ms…