On the strength of your very informative answer to my colleague, Mr Hoyle, you will probably win your badge for the diplomatic corps because you are reluctant to name any offender. You have emphasised, as a team, the importance of light touch regulation.
Cryptography is used for two different but related purposes in electronic commerce.
Firstly, it is used for authentication of origin and integrity of content, the so-called digital signature. It can also be used for encryption but the two purposes are quite separate. It is fair to say that the vast majority of electronic trading depends more upon integrity and authentication and the linkage into non-repudiation coming from the signature than it does upon encryption. There is some use of encryption in certain cases, but I do not think it is the majority use, in my experience. It is very simple.