A lack of action means UK regulators are playing catchup on how to control the rapidly growing crypto market, argues Ben Lee, crypto tax partner, Andersen LLP
The evolving landscape of cryptoasset regulation is constantly finding attention in media headlines. In the wake of the collapse of FTX, countries are considering their approach to the regulation of cryptoassets to protect consumers and to provide further clarity to the industry.
In April 2022 John Glen, economic secretary to the Treasury, announced in his keynote speech at the Innovate Finance Global Summit the UK’s aspiration to be a global hub for cryptoasset technology and recognised the need to consult on wider regulation of the cryptoasset sector.
In the last two months, two reports have been presented to government by different parliamentary groups, offering recommendations on how to address the sector.
