UK lawmakers have formed the Crypto and Digital Assets Group to ensure new crypto industry rules support innovation. “We are at a crucial time for the sector, as global policymakers are also reviewing their approach to crypto and how it should be regulated,” said the UK member of parliament who will chair the group.
UK lawmakers form crypto and digital assets group
Members of the British Parliament and members of the House of Lords have formed the Crypto and Digital Assets Group, the Financial Times reported on Friday.
Scottish National Party (SNP) MP Lisa Cameron, who will chair the group of cross-party lawmakers, explained that the group will work to ensure that new crypto industry rules “support innovation.” She detailed:
We are at a crucial time for the industry, as global policymakers are also reviewing their approach to crypto and how it should be regulated.
The new crypto group officially registered with parliament last week. Its members include former digital economy minister Ed Vaizey and Conservative MP Harriett Baldwin, a former JPMorgan executive.
Cryptouk, a trade association for digital assets, will serve as the parliamentary group’s secretariat. Association has been lobbying lawmakers for a year for positive UK crypto regulation
Crypto advocates have warned that the UK government has been too slow to establish rules for digital asset firms, which risks driving them overseas. Britain’s financial watchdog, the Financial Conduct Authority (FCA), has banned crypto derivatives for retail investors and opposed crypto funds.
Regulators have repeatedly warned about the risks of crypto scams and unregulated businesses. According to blockchain data analytics firm Chainalysis, scams involving cryptocurrencies have cost investors $7.8 billion worldwide this year.
What do you think of UK lawmakers creating the Crypto and Digital Assets Group? Let us know in the comments section below.
An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.
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