UK Treasury Committee Opens Investigation into Crypto Industry

The public has until September 12 to submit evidence, which the committee can use in its report to Parliament on related risks and opportunities to cryptography and DLT.

The UK House of Commons Treasury Committee has called on the public to submit evidence related to the role of crypto risks and opportunities.

In a notice on Tuesday, the committee said it had launched an investigation allowing people to write about the role of crypto assets in the UK. The Treasury committee said it would explore how the UK government, the Financial Conduct Authority, or FCA, and the Bank of England could balance regulation "to provide adequate protection for consumers and businesses without stifling the 'innovation', as well as how cryptocurrencies and distributed ledger technology could impact individuals, businesses and financial institutions.

The British public has until September 12 to submit evidence, which the committee can use in its report to Parliament. Among the questions posed were the opportunities and risks of a central bank digital currency from the Bank of England, what the UK government can learn from regulators and lawmakers dealing with crypto in other countries, and “the environmental and resource intensity of using crypto-asset technology."

"What impact could the use of crypto-assets have on social inclusion?" asked the committee. “Are the government and regulators adequately equipped to seize the opportunities presented by crypto-assets, while mitigating the risks? What opportunities and risks could the use of crypto-assets - including non-fungible tokens - represent for individuals, the economy, and the functioning of the public and private sectors?"

NEW REQUEST

We have launched an investigation into the "crypto-asset industry"

We will examine, among other things, the potential risks and opportunities associated with the use of crypto-assets

Learn more and submit written evidence here https://t.co/kBwNc6346I pic.twitter.com/IidIqSWHuj

— Treasury Committee (@CommonsTreasury)