Source · Select Committees · Treasury Committee
Recommendation 45
45
Paragraph: 196
The work being done by the Advertising Standards Authority to protect consumers from misleading advertisements...
Recommendation
The work being done by the Advertising Standards Authority to protect consumers from misleading advertisements for cryptoassets is also welcome. The Government should ensure that there is proper consumer protection regulation across the whole cryptoasset industry.
Paragraph Reference:
196
Government Response
Not Addressed
HM Government
Not Addressed
We recognise the benefits that cryptoassets and their underlying technology may offer to financial services and will continue to encourage innovation and support competition in consumers interests. However, like in other areas, different types of cryptoasset activities and business models bring different risks of harm for consumers and markets. Furthermore, we have continued to warn consumers of the risks of investments advertising high returns based on cryptoassets, making clear that they should be prepared to lose all their money. Ultimately, the scope of our regulatory perimeter is a matter for the Government and we are working with them to inform thinking on any further regulatory or legislative actions that may be required to mitigate risks which are not covered by existing regulation.