Regulation Of Cryptocurrencies In The UK

Introduction

There are currently in the region of 1500 cryptocurrencies in existence across the world and although valuations vary wildly, the cryptocurrency market is estimated to be worth in the hundreds of billions of dollars. With crypto-exchanges now advertising on the London Underground and Mastercard's new patent for a credit card which (if brought to market) will allow customers to instantly pay for items on their credit card using digital currency, it is safe to say that cryptocurrencies are well on their way to becoming mainstream.

They are not there yet though. It still takes around 10 working days to process a payment in cryptocurrency which means they are not regularly used as a means of payment, a fact which has led many, including the UK government to question whether cryptocurrency is even a fitting term. They have opted for the term "crypto-assets" instead to reflect the fact that currently cryptocurrency more closely resembles a store of