UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks

Richard Marley
July 15, 2022
2 minutes read
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The Treasury Committee of the UK’s House of Commons has urged the public to submit their take and evidence on the role of crypto, its associated risks, and opportunities.

In a notice released on Tuesday 13 July, the committee said it had opened an inquiry for the citizens to write in about the role of crypto assets in the United Kingdom.

The Treasury Committee said it would be exploring how the UK government, the Financial Conduct Authority (FCA), and the Bank of England can balance regulation “to provide adequate protection for consumers and businesses without stifling innovation” as well how cryptocurrencies and distributed ledger technology could impact individuals, businesses and financial institutions.

The British public has until Sept. 12 to submit evidence, which the committee may use in its report to Parliament.

Among the proffered questions were the opportunities and risks of a central bank digital currency from the Bank of England, what the U.K. government can learn from regulators and lawmakers addressing crypto in other countries, and the “environmental and resource intensity of using crypto-asset technology.”

“What impact could the use of crypto-assets have on social inclusion?” asked the committee.

“Are the government and regulators suitably equipped to grasp the opportunities presented by crypto-assets, whilst at the same time mitigating against the risks?

What opportunities and risks could the use of crypto-assets — including non-fungible tokens — pose for individuals, the economy and the workings of both the public and private sectors?”

The inquiry followed the government’s July 5 request that the public weighed in on taxation related to decentralized finance through crypto loans and staking.

On Tuesday, deputy governor for financial stability at the Bank of England Jon Cunliffe also called for regulators to “get on with the job” of incorporating crypto and blockchain into existing frameworks.

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Spotting the Signs of Recruitment Fraud

Recruitment fraud is the most unfortunate part of modern job hunting, where criminals prey upon candidates’ eagerness to find work for their living by creating scam job opportunities.

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With transforming technologies, the overall market is growing to produce more job opportunities for interested candidates. As per the surveys, this number is expected to grow in the coming years, increasing recruitment fraud risks.

Through talent acquisition scams, criminals not only defraud job seekers but also damage the reputation of established companies. So it is in their higher interest to find and implement a credible solution that efficiently mitigates the risks of stolen identity or credentials.

Shufti Pro’s identity verification services present an ideal option to counter this problem through its advanced identification features, including document authentication, facial recognition and address verification.

Want to learn more about identity verification services for eliminating recruitment fraud?

Connect with a KYC Expert

UK Treasury Committee Launches Inquiry into the Role of Crypto Assets and the Associated Risks

How Much Have Australians Lost to Scams?

How do Online Recruiting Scams Work?

Spotting the Signs of Recruitment Fraud

High Profile Criminal Cases of Recruitment Fraud

1. Europol Arrested a Gang Involved in €20 Million Employment Fraud

2. Hampton Gang Member Convicted for Pandemic Employment Fraud

Talent Acquisition Fraud and the Role of Law Enforcement Authorities

1. FBI Issued Instructions to Avoid Employment Scam

2. UK Government – Raising Awareness of Employment Scams

How Shufti Pro can Help

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