Key Points
- The United Kingdom Treasury has released a consultation paper seeking to understand the effects of a blanket ban on crypto-related cold calls.
- The new fieldwork seeks to understand the impacts such a crypto regulation would have on businesses and the economy at this time.
The U.K. has continued to push its limits regarding crypto regulation after His Majesty’s Treasury released a consultation paper that seeks to gauge what the impacts of a blanket crypto cold calls ban would have on the economy.
U.K. crypto regulatory efforts continue
The United Kingdom government is increasing its oversight on crypto assets as it considers the industry risky to its citizens. Some of its regulators have been issuing tighter restrictions, like the UK FCA and advertising boards, to control what it considers a ‘mayhem’ in the industry.
On May 3, it announced an ambitious fraud strategy that created new jobs in a push to review policies around emerging technologies sectors. The country’s National Crime Agency estimates that fraud costs are approximately $8.7 billion annually, an arrangement the government will not “tolerate.”
Now, the Treasury’s Economic Secretary, Andrew Griffith, has said that an increasing number of cold calls, often used to target vulnerable members of society, leads to fraudulent activities. As a result, the Treasury is now weighing whether to impose a blanket ban on crypto related cold calls.
In the consultation paper, the Treasury highlighted numerous cold calls being responsible for significant loses of monetary value from citizens via crypto assets. Though it has imposed several prohibitions, scammers are finding new ways of bypassing the law an arrangement the U.K. government won’t tolerate anymore.
