The British Prime Minister Theresa May has hinted that she may be looking to draw up strict regulations against cryptocurrencies, in response to different global financial institutions and other governments taking firmer stances against the growing bitcoin and digital currency market. Due to the volatility of the cryptocurrency markets, it is thought the PM is worried about everyday people risking life savings in the marketplace.

May issued a statement at Davos, saying that Bitcoin and other digital currencies can be exploited by criminals in its current state and that it should be looked at further to see if regulations can help. Just the mention of stricter frameworks for cryptocurrencies has led to a dramatic fall in valuation in the last two weeks.

In South Korea and China, where there is a high number of Bitcoin miners and traders, clampdowns have begun, and in the EU there has been talk of tighter regulations in order to prevent tax-dodging and the financing of terror cells.

With the UK set to leave the European Union next year, tighter regulations on all sorts of financial processes will be required, and regulation on cryptocurrencies in the UK might be deemed necessary in some financial quarters.