The Commons Select Committee’s report calling for the crypto “wild west” to be tamed is an endorsement for virtual currencies, deVere chief executive Nigel Green has argued.
While describing crypto regulation as feeble and consumer protections weak, the report also argued Britain could become the world’s leading hub for digital coins.
Now part of mainstream finance
“Cryptocurrencies are here to stay,” said Green, reacting to the report.
“In fact, in today’s increasingly digitalised, globalised world, demand for these digital, global currencies are only set to soar in the coming years.
“As such, I welcome the Treasury Select Committee’s proactive and progressive approach, which could be the first step to providing regulations to protect consumers and prevent illicit activity.
“The conclusion made by the committee about cryptocurrencies puts them on the right side of history. Its findings that these assets should be brought into a regulatory framework demonstrates, once again, that they are now a part of mainstream finance.
“As I have said previously, regulation of the crypto sector is now, I believe, inevitable.
“Regulation of cryptocurrencies will give investors even more protection and, therefore, confidence in the burgeoning market is likely to drive prices higher – and today’s signal from the Treasury Select Committee could have the same effect.”
At the start of the year deVere launched an app for clients to trade and hold their cryptocurrencies, which has already attracted 15,000 clients.
The most valuable virtual currency lost half its worth in 2018, falling from a peak in 2017 of more than £14,000 ($18,406, €15,753).
On 19 September 2018, a bitcoin was worth £4,793. At launch in 2009 it was worth less than a penny.