Silicon Valley Bank: UK should regulate activity in the cryptocurrency space

Regulation | July 7, 2015 By:

The UK government should regulate activity in the cryptocurrency space, ideally working with regulators across the world to create global legislation, according to Silicon Valley Bank.

According to the four page submission, obtained by CoinDesk via a freedom of information request, regulation could help mitigate the risks associated with digital currencies and provide a framework for companies in the space to operate. If this were to happen, cryptocurrencies would become more appealing to users.

The document says the government needs to gain a better understanding of digital currencies before it establishes a set of specific guidelines for crypto firms and their banking partners. Once it has gained this understanding, it should make sure any regulations that are created are abided by.

Silicon Valley Bank’s submission is the latest in a string of responses to the Treasury’s call for information, including responses from MasterCard, Accenture and Citi.