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February 21, 2019
How to bring cryptocurrencies into the light
The accelerating growth of cryptocurrency markets presents a dire need for regulatory controls around crypto assets. But crypto exchanges are regularly hacked. Meanwhile, the flood of initial coin offerings (ICOs) invites abuse, and the anonymity of cryptocurrencies facilitates illegal dealing in everything from weapons to drugs to human trafficking. While the underlying technology might be secure, cryptocurrencies are not — and, even if they were, their ease of use supports criminal activity. Despite concerns about regulation stifling potential innovation in crypto assets, there are exciting developments. But the risks of cryptocurrencies must be addressed before they can live up to their potential. Hamish Thomas, EY’s EMEIA Payments Leader and UK Advisory Banking Technology Leader, provides details.