The UK has expanded its influence in the country’s cryptocurrency sector with the launch of an independent group of lawmakers intended to regulate the mature digital currency market. Dubbed the Crypto and Digital Assets Group, the group includes members of Parliament as well as the House of Lords; Its mission is to create new regulations for the digital asset industry that support innovation. Prominent members in the group include former UK digital economy minister Ed Vizzy and Tory MP Harriet Baldwin, a former JP Morgan executive.
Scottish National Party (SNP) MP Lisa Cameron, speaking to the Financial Times, said, “We are at a critical time for the sector as global policymakers are now reviewing their approach to crypto and how it is regulated. should go.”
We are proud to formally announce the launch of the Crypto & Digital Assets APPG.
CryptoUK has been working for several months to get the support of MPs and Lords, headed by Lisa Cameron MP, to create this group. Read the full news here: https://t.co/rJfXr4nAhJ pic.twitter.com/Aw4Be1iVgm
— KryptoUK (@CryptoUKAssoc) 7 January 2022
The Westminster All-Party Parliamentary Group (APPG) is backed by digital asset trade association CryptoUK, which said the group will act as a forum for parliamentarians, policymakers and the UK crypto sector to discuss industry policy and regulation.
According to CryptoUK, the group will address key challenges for the sector, such as creating a regulatory framework that supports innovation and growth but also considers issues such as consumer protection and economic crime.
The group’s agenda will prioritize an investigation into the Financial Conduct Authority’s (FCA) money laundering registration regime for crypto companies, as well as the outcome of two pending policy consultations on crypto advertising and stablecoins.
The group will explore a range of topics including protecting consumers from fraud and scams, advertising, financial education and inclusion, the UK’s role as a leader in financial services and innovation, environmental issues and the future of digital payments.
CryptoUK told the FT that the group is looking to investigate the state of the UK crypto sector and recently raised concerns about financial crime and advertising. It says it will also consider the development of crypto in recent years and the need for regulators and the government to keep pace with progress and adoption of crypto by consumers.
The trade association, which represents companies such as eToro and crypto(dot)com, said the group will also look at international examples from other jurisdictions that have already taken steps to regulate the crypto sector.
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