IRSG Crypto TSC response

Published 14 Sep 2022

The IRSG welcomes the opportunity to support the Treasury Select Committee in its inquiry into the role of cryptoassets in the UK.

There is accelerating momentum behind the use of crypto technologies in finance, with cryptoassets rapidly increasing in popularity. The group supports a positive approach towards cryptoassets, whilst being mindful of risks. Moves for the UK to build a robust regulatory regime for crypto assets in collaboration with industry are to be welcomed.

Together with London’s status as a global financial hub, the UK has the capital and expertise for investors with an interest in the opportunities presented by the greater automation and digitalisation of financial services. Achieving the right balance between fostering the right regulatory environment for crypto assets to thrive, while protecting the interest of consumers, will require careful planning and adequate engagement with industry. Both outcomes can be achieved without compromising innovation nor consumer protection.