BlockEx, the digital asset exchange provider for institutional-grade financial markets, has announced that it strongly supports the Treasury Committee recommendations for a regulated UK crypto-asset trading market.
The UK Treasury Committee has just published its findings in to the crypto-asset market and recommended that exchanges should be regulated to protect consumers; Initial Coin Offerings (ICO/ITO) should be brought within the remit of the FCA “as a matter of urgency;” and that the 5th Money Laundering Directive should be implemented to regulate digital currencies as a matter of priority.
Adam Leonard, CEO at BlockEx, said: “The Treasury Committee has made sound recommendations that we strongly support and welcome. The reputation of the market will be greatly improved by regulation to protect consumers and prevent money laundering. Whilst trading crypto-assets can be part of a diversified risk portfolio, at BlockEx we believe that the brokerage that you buy digital assets on should not add to that risk. Our actions on market regulation speak more strongly than our words. In the US market our services are only offered via our FINRA- registered broker-dealer partner. Our own digital bond product is currently in the FCA Sandbox as part of our pathway to regulation. And importantly we’re a founding member of CryptoUK, the trade body pushing for better governance in the market, and recognise the hard work they’ve done in pushing for regulation.”