LONDON (AP) — British lawmakers are urging regulation for cryptocurrencies such as bitcoin in a report that describes the current situation as the “Wild West.”
In a report Wednesday on digital currencies, Parliament’s Treasury Committee called for regulations to protect consumers and prevent money laundering.
The report said investors in so-called crypto-assets have little protection at the moment from risks including volatile prices and hacking vulnerabilities.
It also said financial authorities need more power to regulate misleading advertisements by crypto-asset exchanges and initial coin offerings.
ICOs raise money for the virtual tokens and crypto exchanges allow investors to trade them.
The lawmakers said the British government and regulators have an ambiguous position on cryptocurrencies that’s not sustainable.
But they said there’s still room for the U.K. to become a global center for crypto-assets.
