Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

UK Treasury’s ‘proactive’ approach to cryptocurrencies welcomed by deVere

The UK Treasury Select Committee’s conclusion that crypto-assets should be regulated demonstrates cryptocurrencies are part of mainstream finance and the sector is likely to rally as a result.

This is an observation from Nigel Green, founder and CEO of deVere Group, which launched the exchange app deVere Crypto earlier this year following a unanimously-agreed report by the Commons Select Committee on crypto-assets for its Digital Currencies Inquiry.

The report concludes: “Regulation [is] needed for…crypto-asset market” and that the “ambiguity of the UK Government and regulators’ position is clearly not sustainable.”

Mr Green affirms: “Cryptocurrencies are here to stay. In fact, in today’s increasingly digitalised, globalised world, demand for these digital, global currencies is 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.”

He continues: “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.”

This Inquiry follows the Financial Stability Board (FSB), the international watchdog chaired by Bank of England Governor, Mark Carney, releasing a report in the summer that concluded Bitcoin and cryptocurrencies do not pose a risk to the global financial system.