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According to reports, Lisa Cameron, a member of the British House of Commons, is chairing a lobbying group aimed at promoting encryption-related legislation in the government.
According to a report in the Financial Times on Friday, members of the British Parliament and members of the House of Lords, roll out The Encryption and Digital Assets Group ensures that the UK’s encryption industry’s rules “support innovation” since last week. This cross-party group aims to protect investors from financial crimes, including token fraud or products of regulated companies.
“We are at a critical juncture in the industry, because global policymakers are now reviewing their encryption methods and how they should be regulated,” Cameron said.
Nationwide Self-regulatory trade organization in the crypto industryAccording to reports, CryptoUK supports the creation of advocacy organizations. According to Ian Taylor, the executive director of CryptoUK, the group intends to spend more than $67,000 in 2022 to support the encryption and digital asset group, with a focus on “education, education, education” around encrypted assets.
In 2021, the UK Financial Conduct Authority Issued multiple warnings to retail investors, Inform them of the potential risks of dealing with crypto companies that have not yet been registered with the country’s financial regulators.The British Advertising Standards Agency, the country’s independent advertising regulator, also Removed ads from crypto companies Including Coinbase and Kraken.
related: Governor of the Bank of England issues crypto investment warning
A report by Chainalysis shows that the UK seems to be increasingly concerned about cryptocurrency fraud and illegal transactions received In 2021, $7.8 billion in cryptocurrency was stolen from victims, of which more than $2.8 billion came from a carpet pull. Chainalysis attributed the prevalence of rug pull to “hype around space” and the lack of code audits for certain DeFi projects.
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