U.K. lawmakers have formed the Crypto and Digital Assets Group to make sure that new regulations for the crypto enterprise support innovation. “We are at a indispensable time for the sector as world policymakers are also now reviewing their approach to crypto and how it need to be regulated,” stated the British parliament member who will chair the group.
British Lawmakers Form Crypto and Digital Assets Group
U.K. parliament members and members of the House of Lords have formed the Crypto and Digital Assets Group, the Financial Times said Friday.
Scottish National Party (SNP) MP Lisa Cameron, who will chair the cross-party group of lawmakers, defined that the team will work to make sure that new guidelines for the crypto industry “support innovation.” She detailed:
We are at a crucial time for the zone as international policymakers are additionally now reviewing their approach to crypto and how it be regulated.
The new crypto crew officially registered with parliament final week. Its members include former Digital Economy Minister Ed Vaizey and Tory MP Harriett Baldwin, a former JPMorgan executive.
Cryptouk, a trade association for digital assets, will serve as the parliamentary group’s secretariat. The association has been lobbying lawmakers for a year for positive crypto law in the U.K.
Crypto advocates have warned that the U.K. authorities has been too slow to set up rules for digital asset businesses, which risks using them offshore. The U.K. financial watchdog, the Financial Conduct Authority (FCA), has banned crypto derivatives for retail traders and opposed crypto funds.
Regulators have persistently warned about the dangers from crypto scams and unregulated companies. According to blockchain data analytics firm Chainalysis, scams involving cryptocurrencies fee investors $7.8 billion globally this year.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.